Diamond Trucking Ltd. is a trucking company operating in Ontario, Quebec, and the Atlantic provinces. The following selected accounts appear in the ledger of Diamond Trucking Ltd. at June 1, 2015, the beginning of the current fiscal year
$0.90 preferred shares (5,000,000 shares authorized,
376,050 shares issued and outstanding) ................................ $3,760,500
Common shares (unlimited authorized,
1,050,000 shares issued and outstanding) ............................ 5,176,500
Retained earnings ........................................................ 3,550,523
Selected transactions completed by Diamond Trucking Ltd. during the fiscal year ended May 31, 2016, were as follows:
a. On November 25, 2015, repurchased 150,000 shares at $5 per share.
b. On December 1, 2015, declared dividends of $0.375 per common share (to shareholders of record on December 31, 2015, payable on January 15, 2016) and $0.45 per preferred share.
c. On February 28, 2016, repurchased and retired 150,000 shares at $4 per share.
d. On March 1, 2016, declared dividends of $0.48 per common share and $0.45 per preferred share (to shareholders of record on March 31, 2016, payable on April 30, 2016).
e. On May 31, 2016, declared a 7.5% share dividend on the common shares outstanding, when the shares had a fair market value of $3 per share, to shareholders of record on June 30, distributable on July 31, 2016.
Instructions
Journalize the selected transactions for the year ended May 31, 2016.