Reference no: EM13510402

Maui Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions completed by Maui Outfitters during the current fiscal year are as follows:

Feb 19. Split the common stock 4 for 1 and reduced the par from $80 to $20 per share. After the split, there were 600,000 common shares outstanding.

Mar1. Declared semiannual dividends of $1.20 on 75,000 shares of preferred stock and $0.08 on the 600,000 shares of $20 par common stock to stockholders of record on March 31, payable on April 30.

Apr30. Paid the cash dividends.

June27. Purchased 90,000 shares of the corporation's own common stock at $24, recording the stock at cost.

Aug17. Sold 40,000 shares of treasury stock at $30, receiving cash.

Sept1. Declared semiannual dividends of $1.20 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $28.

Oct31. Paid the cash dividends and issued the certificates for the common stock dividend.

Instructions

Journalize the transactions.