PB6. LO 14.3 Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and none of the preferred shares. Tent & Tarp has the following transactions: Mar. 1 Declares a cash dividend of $3 per share Mar. 30 Pays the cash dividend Jul. 10 Declares a 35% stock dividend when the stock is trading at $15 per share Aug. 5 Issues the stock dividend Journalize these transactions.

PB6. LO 14.3 Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and none of the preferred shares. Tent & Tarp has the following transactions: Mar. 1 Declares a cash dividend of $3 per share Mar. 30 Pays the cash dividend Jul. 10 Declares a 35% stock dividend when the stock is trading at $15 per share Aug. 5 Issues the stock dividend Journalize these transactions.

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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Question

PB6. LO 14.3 Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten
years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000
shares of $1 par value common stock. It has issued 5,000 common shares and none of the preferred shares. Tent & Tarp has
the following transactions:
Mar. 1
Declares a cash dividend of $3 per share
Mar. 30
Pays the cash dividend
Jul. 10
Declares a 35% stock dividend when the stock is trading at $15 per share
Aug. 5
Issues the stock dividend
Journalize these transactions.

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