Jan. 15 Split the common stock 4 for 1 and reduced the par from$120 to $30 per share. After the split, there were 800,000 commonshares outstanding.
Mar. 1 Declared semiannual dividends of $0.25 on 100,000 sharesof preferred stock and $0.07 on the 800,000 shares of $30 parcommon stock to stockholders of record on March 31, payable onApril 30.
Apr. 30 Paid the cash dividends.
May 31 Purchased 60,000 shares of the corporationâs own commonstock at $32, recording the stock at cost.
Aug. 17 Sold 40,000 shares of treasury stock at $38, receivingcash.
Sep. 1 Declared semiannual dividends of $0.25 on the preferredstock and $0.09 on the common stock (before the stock dividend). Inaddition, a 1% common stock dividend was declared on the commonstock outstanding, to be capitalized at the fair market value ofthe common stock, which is estimated at $40.
Oct. 31 Paid the cash dividends and issued the certificates forthe common stock dividend.
Jan. 15 Split the common stock 4 for 1 and reduced the par from$120 to $30 per share. After the split, there were 800,000 commonshares outstanding.
Mar. 1 Declared semiannual dividends of $0.25 on 100,000 sharesof preferred stock and $0.07 on the 800,000 shares of $30 parcommon stock to stockholders of record on March 31, payable onApril 30.
Apr. 30 Paid the cash dividends.
May 31 Purchased 60,000 shares of the corporationâs own commonstock at $32, recording the stock at cost.
Aug. 17 Sold 40,000 shares of treasury stock at $38, receivingcash.
Sep. 1 Declared semiannual dividends of $0.25 on the preferredstock and $0.09 on the common stock (before the stock dividend). Inaddition, a 1% common stock dividend was declared on the commonstock outstanding, to be capitalized at the fair market value ofthe common stock, which is estimated at $40.
Oct. 31 Paid the cash dividends and issued the certificates forthe common stock dividend.
Related questions
Selected transactions completed by Canyon Ferry BoatingCorporation during the current fiscal year are as follows:
| Jan. | 8 | Split the common stock 2 for 1 andreduced the par from $80 to $40 per share. After the split, therewere 123,000 common shares outstanding. |
| Apr. | 30 | Declared semiannual dividends of$0.80 on 16,500 shares of preferred stock and $0.27 on the commonstock payable on July 1. |
| Jul. | 1 | Paid the cash dividends. |
| Oct. | 31 | Declared semiannual dividends of$0.80 on the preferred stock and $0.15 on the common stock (beforethe stock dividend). In addition, a 3% common stock dividend wasdeclared on the common stock outstanding. The fair market value ofthe common stock is estimated at $51. |
| Dec. | 31 | Paid the cash dividends and issuedthe certificates for the common stock dividend. |
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles. Enter the October 31 and December31 transactions as two separate journal entries on each date.
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