Reference no: EM131312194

Light & Light Inc. is a lighting fixture wholesaler located in Texas. During its fiscal year, ended December31, 2012, Light & Light Inc. completed the following selected transactions:Feb: 03 Purchased 2,000 shares of its own common stock at $30, recording the stock at cost.(Prior to the purchase, there were 42,000 shares of $25 par common stock outstanding).May: 01 Declared a semi-annual dividend of $1.15 on the 10,000 shares of preferred stock and a$0.25 dividend on the common stock to stockholders of record on May 31, payable onJune 15.June: 15 Paid the cash dividends.Sept: 23 Sold 1,000 shares of treasury stock at $32, receiving cash.Nov: 01 Declared semi-annual dividends of $1.15 on the preferred stock and $0.25 on thecommon stock. In addition, a 6% common stock dividend was declared on the commonstock outstanding, to be capitalized at the fair market value of the common stock, whichis estimated at $35.Dec: 01 Paid the cash dividends and issued the certificates for the common stock dividend. INSTRUCTIONS: Journalize the entries to record the transactions for Light & Light Inc.