Entries for selected corporate transactions Instructions Chart of Accounts Journal Instructions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan. 5. Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,275,000 common shares outstanding. Mar. 10. Purchased 41,300 shares of the corporation’s own common stock at $29, recording the stock at cost. Apr. 30. Declared semiannual dividends of $0.75 on 70,400 shares of preferred stock and $0.11 on the common stock to stockholders of record on May 15, payable on June 15. June 15. Paid the cash dividends. Aug. 20. Sold 31,900 shares of treasury stock at $33, receiving cash. Oct. 15 Declared semiannual dividends of $0.75 on the preferred stock and $0.11 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $38. The dividend date of record is November 15 payable on December 19. Dec. 19. Paid the cash dividends and issued the certificates for the common stock dividend. Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 4PB: Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation...

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Entries for selected corporate transactions

Instructions

Chart of Accounts

Journal

Instructions

Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:

Jan.	5.	Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,275,000 common shares outstanding.
Mar.	10.	Purchased 41,300 shares of the corporation’s own common stock at $29, recording the stock at cost.
Apr.	30.	Declared semiannual dividends of $0.75 on 70,400 shares of preferred stock and $0.11 on the common stock to stockholders of record on May 15, payable on June 15.
June	15.	Paid the cash dividends.
Aug.	20.	Sold 31,900 shares of treasury stock at $33, receiving cash.
Oct.	15	Declared semiannual dividends of $0.75 on the preferred stock and $0.11 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $38. The dividend date of record is November 15 payable on December 19.
Dec.	19.	Paid the cash dividends and issued the certificates for the common stock dividend.

Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

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