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Oct. 31. Declared semiannual dividends of $1.60 per share on the preferred stock and $0.13 per share 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 $36. Oct. 31 Cash Dividends Cash Dividends Payable 66,000 0 < x 0 30,780 X Oct. 31 Stock Dividends Stock Dividends Distributable 136,080 X 0 0 75,600 X Paid-In Capital in Excess of Par-Common Stock 0 60,480 X Feedback Check My Work On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity? Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 31 Cash Dividends Payable Cash 75,600 0 0 136,080 X Dec. 31 Stock Dividends Distributable 75,600 X 0 Common Stock 0 Chapter 12 Assignments assignment tal Selected dividend transactions, stock split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 3 for 1 and reduced the par from $60 to $20 per share. After the split, there were 123,000 common shares outstanding. Jan. 8 No Entry Required 0 No Entry Required 0 0 Feedback Check My Work Review the effect of stock splits on equity accounts. Chapter 12 Assignments assignment Apr. 30. Declared semiannual dividends of $1.60 per share on 9,000 shares of preferred stock and $0.14 per share on the common stock payable on July 1. Apr. 30 Cash Dividends Cash Dividends Payable 31,620 0 0 31,620

Oct. 31. Declared semiannual dividends of $1.60 per share on the preferred stock and $0.13 per share 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 $36. Oct. 31 Cash Dividends Cash Dividends Payable 66,000 0 < x 0 30,780 X Oct. 31 Stock Dividends Stock Dividends Distributable 136,080 X 0 0 75,600 X Paid-In Capital in Excess of Par-Common Stock 0 60,480 X Feedback Check My Work On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity? Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 31 Cash Dividends Payable Cash 75,600 0 0 136,080 X Dec. 31 Stock Dividends Distributable 75,600 X 0 Common Stock 0 Chapter 12 Assignments assignment tal Selected dividend transactions, stock split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 3 for 1 and reduced the par from $60 to $20 per share. After the split, there were 123,000 common shares outstanding. Jan. 8 No Entry Required 0 No Entry Required 0 0 Feedback Check My Work Review the effect of stock splits on equity accounts. Chapter 12 Assignments assignment Apr. 30. Declared semiannual dividends of $1.60 per share on 9,000 shares of preferred stock and $0.14 per share on the common stock payable on July 1. Apr. 30 Cash Dividends Cash Dividends Payable 31,620 0 0 31,620

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Oct. 31. Declared semiannual dividends of $1.60 per share on the preferred stock and $0.13 per share 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 $36. Oct. 31 Cash Dividends Cash Dividends Payable 66,000 0 < x 0 30,780 X Oct. 31 Stock Dividends Stock Dividends Distributable 136,080 X 0 0 75,600 X Paid-In Capital in Excess of Par-Common Stock 0 60,480 X Feedback Check My Work On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity? Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 31 Cash Dividends Payable Cash 75,600 0 0 136,080 X Dec. 31 Stock Dividends Distributable 75,600 X 0 Common Stock 0 Chapter 12 Assignments assignment tal
Transcribed Image Text:Oct. 31. Declared semiannual dividends of $1.60 per share on the preferred stock and $0.13 per share 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 $36. Oct. 31 Cash Dividends Cash Dividends Payable 66,000 0 < x 0 30,780 X Oct. 31 Stock Dividends Stock Dividends Distributable 136,080 X 0 0 75,600 X Paid-In Capital in Excess of Par-Common Stock 0 60,480 X Feedback Check My Work On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity? Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 31 Cash Dividends Payable Cash 75,600 0 0 136,080 X Dec. 31 Stock Dividends Distributable 75,600 X 0 Common Stock 0 Chapter 12 Assignments assignment tal
Selected dividend transactions, stock split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 3 for 1 and reduced the par from $60 to $20 per share. After the split, there were 123,000 common shares outstanding. Jan. 8 No Entry Required 0 No Entry Required 0 0 Feedback Check My Work Review the effect of stock splits on equity accounts. Chapter 12 Assignments assignment Apr. 30. Declared semiannual dividends of $1.60 per share on 9,000 shares of preferred stock and $0.14 per share on the common stock payable on July 1. Apr. 30 Cash Dividends Cash Dividends Payable 31,620 0 0 31,620
Transcribed Image Text:Selected dividend transactions, stock split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 3 for 1 and reduced the par from $60 to $20 per share. After the split, there were 123,000 common shares outstanding. Jan. 8 No Entry Required 0 No Entry Required 0 0 Feedback Check My Work Review the effect of stock splits on equity accounts. Chapter 12 Assignments assignment Apr. 30. Declared semiannual dividends of $1.60 per share on 9,000 shares of preferred stock and $0.14 per share on the common stock payable on July 1. Apr. 30 Cash Dividends Cash Dividends Payable 31,620 0 0 31,620
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