Present entries to record the following selected transactions completed during the current fiscal year:
Feb. 1
The board ofdirectors reduced the par of common shares from $50 to$10. This action increased the number ofoutstanding shares to 250,000.
11
Purchased 15,000shares of own stock at $10, recording the treasury stock atcost.
May 1
Declared adividend of $3 per share on the outstanding shares of commonstock.
May 10
Sold 10,000 sharesfrom the repurchase on Feb 11, for $8 per share.
15
Paid the dividenddeclared on May 1.
Oct. 19
Declared a 3%stock dividend on the common stock outstanding (the fair marketvalue of the stock to be issued is $40).
Nov. 12
Issued thecertificates for the common stock dividend declared on October19.
Dec 1
Declared adividend of $1.5 per share on the outstanding shares of commonstock.