Turner Company has 100,000 shares of $1 par common stock authorized and 50,000 shares of $5 par preferred stock authorized. Prior to the following transactions, Turner Companys stockholders' equity included the following as of December 31, 2019: Common Stock, 80,000 shares at $1 par $80,000 Paid-in capital excess of par 160,000 Paid-in capital - share repurchase 15,000 Retained earnings 120,000 Required: Record any required journal entries, in proper form, for the following transactions. f. On October 31, 2019, a 2 for 1 stock split was declared and distributed. The stock split was effected in the form of a 35% stock dividend. The market value of the common stock was $18 per share. For this question ONLY, before this stock dividend declaration, assume there are 50,000 common shares available for dividends.

a.January 23, 2019, reacquired and retired 20,000 shares at $2 per share. b.February 2, 2019, reacquired (did not retire them) 7,000 shares at $10 per share.

c.June 25, 2019, reacquired and retired 10,000 shares at $8 per share. d.July 17, 2019, sold 2,000 shares of the reacquired shares at $14 per share. e.August 2, 2019 sold 10,000 shares of its common shares and 5,000 shares of its preferred shares for a total price of $175,000. Assume the preferred shares were sold for $25 per share. g.On December 11, 2019, a 4% common stock dividend was declared and distributed. The market value of the common stock was $20 per share.Be sure to take into consideration any necessary information from Question f. 167

h.Turner transferred to shareholders some of its equity investments by declaring a property dividend on December 27, 2019. The investments cost $475,000. The investments will be distributed on January 31, 2020 to the shareholders of record on January 15, 2020. At the date of declaration, the investments had a market value of $685,000.