Answered Essay: Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan. 9 Split the co

Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: 9 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,279,500 common shares outstanding. Purchased 39,200 shares of the corporations own common stock at $27, recording the stock at cost. Declared semiannual dividends of $0.90 on 75,000 shares of preferred stock and $0.15 on the common stock to stockholders of record on June 1, payable on July 10. Jan. Feb. 28 May 1 ul. 10 Paid the cash dividends Sep. 7 Sold 30,800 shares of treasury stock at $34, receiving cash. Oct. 1 Declared semiannual dividends of $0.90 on the preferred stock and $0.15 on the common stock (before the stock dividend). In addition, a 3% common stockdividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $38. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 1 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 tities.

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 1,279,500 common shares outstanding. Feb. 28 Purchased 39,200 shares of the corporation’s own common stock at $27, recording the stock at cost. May 1 Declared semiannual dividends of $0.90 on 75,000 shares of preferred stock and $0.15 on the common stock to stockholders of record on June 1, payable on July 10. Jul. 10 Paid the cash dividends. Sep. 7 Sold 30,800 shares of treasury stock at $34, receiving cash. Oct. 1 Declared semiannual dividends of $0.90 on the preferred stock and $0.15 on the common stock (before the stock dividend). In addition, a 3% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $38. 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.

Expert Answer

 

Jan-09 No journal required

Feb -28 Dr Common Treasury Stock 1,058,400 (39,200 x 27)
Cr Cash 1,058,400

May-1 Dr Cash Dividends 253,545 [(75,000 x 0.90) + (1,240,300 x 0.15)]
Cr Preferred Dividends Payable 67,500
Cr Common Dividends Payable 1,86,045

July-10 Dr Preferred Dividends Payable 67,500
Dr Common Dividends Payable 1,86,045
Cr Cash 253,545

Sep 7 Dr Cash 1,047,200 (30,800*34)
Cr Common Treasury Stock 831,600 (27 x 30,800)
Cr Paid-In Capital from Sale of Treasury Stock 215,600

 

Oct-1 Dr Cash Dividends 258,165 [(75,000 x 0.90) + (1,271,100 x 0.15)]
Cr Preferred Dividends Payable 67,500
Cr Common Dividends Payable 190,665

Dr Stock Dividends 1,449,282
Cr Stock Dividends Distributable 953,475 (1,271,100 x 3% x 25par value)
Cr Paid-In Capital in Excess of Par, Common Stock 495,807 (1,271,100 x 3% x 13over par)

Dec-31 Dr Preferred Dividends Payable 67,500
Dr Common Dividends Payable 190,665
Cr Cash 258,165

Dr Stock Dividends Distributable 953,475
Cr Common Stock 953,475

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