Carmen Company is a corporation that has issued both preferredand common stock. As of January 1, it had 50,000 shares of 2.75%,$100 par, preferred stock outstanding and 250,000 shares of $10 parcommon stock outstanding.

a. On January 31, the board of directors issuesa requirement to purchase 5,000 shares of its common stock atmarket price. The shares are purchased at a market price of $22 pershare.

Journalize the purchase utilizing the cost concept.

Jan. 31

b. On March 15, Carmen declares a dividend onpreferred stock of $2.75 per share. The date of record is March 25and the date of payment is March 31.

Journalize these events. If no entry is required, select "NoEntry Required" and leave the amount boxes blank.

Mar. 15
Mar. 25
Mar. 31

c. On December 1, Carmen declares a cashdividend on common stock of $0.12 per share. The date of record isDecember 15 and the date of payment is December 21.

Journalize these events. If no entry is required, select "NoEntry Required" and leave the amount boxes blank.

Dec. 1
Dec. 15
Dec. 21

d. On December 27, the board orders that 2,500shares of the treasury stock purchased in (a) be sold. The saleprice is $25 per share.

Journalize this event. If an amount box does not require anentry, leave it blank.

Dec. 27