Maxfli Hot Air Balloons, Inc., completed the following selected transactions during 2009:
Feb. 9 Declared a cash dividend on the 10,000 shares of $1.50, no-par preferred stock. Declared a $0.20 per share dividend on the 10,000 shares of common stock outstanding. The date of record is February 16, and the payment date is February 28.
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Get Help Now!Feb. 28 Paid the cash dividends
March 21 Split the common stock 2 for 1. Before the split, Maxfli had 10,000 shares of $10 par common stock outstanding.
April 18 Distributed a 10% stock dividend on the common stock. The market value of the common stock was $27 per share.
June 18 Purchased 2,000 shares of treasury stock at $25 per share.
Dec 22 Sold 1,000 shares of treasury stock for $28 per share
Record the transactions in the general journal.
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