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 1,200,000 common shares outstanding. feb. 28 purchased 40,000 shares of the corporation’s own common stock at $28, recording the stock at cost. may 1 declared semiannual dividends of $0.80 on 75,000 shares of preferred stock and $0.12 on the common stock to stockholders of record on june 1, payable on july 10. jul. 10 paid the cash dividends. sep. 7 sold 30,000 shares of treasury stock at $34, receiving cash. oct. 1 declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). in addition, a 2% common stock dividend was declared on the common stock outstanding. the fair market value of the common stock is estimated at $36. 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 the exact wording of account titles. chart of accounts: assets cash accounts receivable notes receivable interest receivable merchandise inventory office supplies prepaid insurance land equipment accumulated depreciation-equipment liabilities accounts payable notes payable interest payable cash dividends payable salaries payable mortgage note payable equity common stock paid-in capital in excess of par-common stock treasury stock preferred stock paid-in capital in excess of par-preferred stock paid-in capital from sale of treasury stock retained earnings stock dividends distributable cash dividends stock dividends income summary revenue sales interest revenue expenses cost of merchandise sold credit card expense salaries expense advertising expense delivery expense selling expenses rent expense insurance expense office supplies expense organizational expenses depreciation expense-equipment miscellaneous expense interest expense