The Santa Fe Corporation is authorized to issue 6,000 shares of 4 percent, $100 par-value preferred stock and 20,000 shares of no-par-value common stock with a stated value of $40 per share. On December 31, 2019, 2,000 shares of preferred stock and 8,000 shares of common stock are issued and outstanding. The corporation's transactions affecting stockholders' equity during 2020 are given below. Record the transactions on page 15 of a general journal. Omit descriptions.
Jan. 15 Repurchased 400 shares of outstanding preferred stock for $89,200 in cash. The stock is to be held as treasury stock.
Mar. 1 Declared a 2-for-1 stock split of common stock. Each shareholder is to receive one new share for each share held. The stated value of the stock is reduced to $20 per share. Date of record is March 15. Date of issue is April 1.
Apr. 1 Issued the new shares declared on March 1.
July 15 Declared a cash dividend of 4 percent on preferred stock and $0.70 per share on common stock to be paid on August 1 to holders of record on July 31.
Aug. 1 Paid the cash dividend declared on July 15.
Oct. 5 Accepted title to a tract of land with a fair market value of $46,000 from the city of Evergreen Park. The land is to be used as a building site for a new factory.
Nov. 8 The board of directors passed a resolution to appropriate $80,000 for the construction of a new warehouse.
Dec.15 Declared a stock dividend payable January 15, 2021, to common stockholders of record on December 28, 2020, at the rate of one new share of common stock for each ten shares held. The estimated market value of the common stock is $22 per share.

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The Answer of The Santa Fe Corporation is authorized to issue 6,000 shares of 4 percent, $100 par-value preferred stock and 20,000 shares of no-par-value common stock with a stated value of $40 per share. On December 31, 2019, 2,000 shares of preferred stock and 8,000 shares of common stock are issued and outstanding. The corporation's transactions affecting stockholders' equity during 2020 are given below. Record the transactions on page 15 of a general journal. Omit descriptions.
Jan. 15 Repurchased 400 shares of outstanding preferred stock for $89,200 in cash. The stock is to be held as treasury stock.
Mar. 1 Declared a 2-for-1 stock split of common stock. Each shareholder is to receive one new share for each share held. The stated value of the stock is reduced to $20 per share. Date of record is March 15. Date of issue is April 1.
Apr. 1 Issued the new shares declared on March 1.
July 15 Declared a cash dividend of 4 percent on preferred stock and $0.70 per share on common stock to be paid on August 1 to holders of record on July 31.
Aug. 1 Paid the cash dividend declared on July 15.
Oct. 5 Accepted title to a tract of land with a fair market value of $46,000 from the city of Evergreen Park. The land is to be used as a building site for a new factory.
Nov. 8 The board of directors passed a resolution to appropriate $80,000 for the construction of a new warehouse.
Dec.15 Declared a stock dividend payable January 15, 2021, to common stockholders of record on December 28, 2020, at the rate of one new share of common stock for each ten shares held. The estimated market value of the common stock is $22 per share.

The Santa Fe Corporation Is Authorized to Issue 6,000 Shares