(Solved): Corporation Case Study Buena Vida Inc. is a packaging items wholesaler located in Puerto Rico. Durin ...

Corporation Case Study Buena Vida Inc. is a packaging items wholesaler located in Puerto Rico. During its current fiscal year, ended December 31, 2021, Buena Vida Inc. completed the following selected transactions: Feb. 3. Purchased 2,500 shares of its own common stock at

, recording the stock at cost. (Prior to the purchase, there were 40,000 shares of

par common stock outstanding.) May 1. Declared a semiannual dividend of

on the 10,000 shares of preferred stock and a

dividend on the common stock to stockholders of record on May 31, payable on June 15. June 15. Paid the cash dividends. Sept. 23. Sold 1,000 shares of treasury stock at

, receiving cash. Nov. 1. Declared semiannual dividends of

on the preferred stock and

on the common stock. In addition, a

common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at

. Dec. 1. Paid the cash dividends declared in November 1 and issued the certificates for the common stock dividend. Instructions; Journalize the entries to record the transactions for Buena Vida Inc.