1. Selected transactions for Green iguana Inc.during current fiscal year as follows:
- Jan.20 Split the common stock 3 for 1 and reducedthe par from $75 to $25 per share. After the split, there were600,000 common shares outstanding.
- Apr. 1 Purchased 30,000 shares of thecorporation’s own common stock at $27, recording the stock atcost.
- May 1 Declared semiannual dividends of $.80 on25,000 shares of preferred of preferred stock and $0.18 on thecommon stock to stockholders of record on May 20, payable on June1.
- June 1 Paid the cash dividends.
- Aug 7 Sold 22,000 shares of treasury stock at $34,receiving cash.
- Nov 15 Declared semiannual dividends of $.80 onthe preferred stock and $0.20 on the common stock (before the stockdividend). In addition, a 2% common stock dividend was declared onthe common stock outstanding, to be capitalized at the fair valueof the common stock, which is estimated at $40.
- Dec 15 Paid the cash dividends and issued thecertificates for stock dividend.
Instructions: Journalize the transactions (30points).
