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Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan. 9 Split the common stock 3 for 1 and

Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows:

Jan. 9 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding.
Feb. 28 Purchased 40,000 shares of the corporations own common stock at $28, recording the stock at cost.
May 1 Declared semiannual dividends of $0.80 per share on 75,000 shares of preferred stock and $0.12 per share on the common stock to stockholders of record on June 1, payable on July 10.
Jul. 10 Paid the cash dividends.
Sep. 7 Sold 30,000 shares of treasury stock at $34, receiving cash.
Oct. 1 Declared semiannual dividends of $0.80 per share on the preferred stock and $0.12 per share on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36.
Dec. 1 Paid the cash dividends and issued the certificates for the common stock dividend.

Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

1 Jan 9.
2 Feb 28. Treasury Stock 1120000
3 Cash 1120000
4 May 1. Cash Dividends 199200
5 Cash Dividends Payable 199200
6 July 10. Cash Dividends Payable 199200
7 Cash 199200
8 Sep 7. Cash 1020000
9 Treasury Stock 840000
10 Paid-In Capital from Sale of Treasury Stock 180000
11 Oct 1. Cash Dividends 202800
12 Cash Dividends Payable 202800
13 Oct 1. Stock Dividends 856800
14 Stock Dividends Distributable 595000
15 Paid-In Capital in Excess of Par-Common Stock 261800
16 Dec 1. Cash Dividends Payable 202800
17 Cash 202800
18

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