Selected dividend transactions, stock splitSelected transactions completed by Canyon Ferry Boating Corporationduring the current fiscal year are as follows: Journalize the transactions. Split the common stock 2 for 1 and reduced the par from $80to $40 per share. Alter the split, there were 150,000 commonshares outstanding.Jan. 8.Declared semiannual dividends of $0.75 on 18,000 shares ofApr.30. preferred stock and S0.28 on the common stock payable onJuly 1.July 1.Paid the cash dividends.Declared semiannual dividends of $0.75 on the preferredstock and $0.14 on the common stock (before the stockOct.dividend). In addition, a 5% common stock dividend was31.declared on the common stock outstanding. The fair marketvalue of the common stock is estimated at $52.Dec.Paid the cash dividends and issued the certificates for the31.common stock dividend.

(1) Total Cash Dividends (April 30) : Preferred Dividend = No. of preferred shares x Preferred…

Answered: Selected dividend transactions, stock…

Selected dividend transactions, stock split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Journalize the 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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Selected dividend transactions, stock split
Selected transactions completed by Canyon Ferry Boating Corporation
during the current fiscal year are as follows:

Journalize the transactions.

Split the common stock 2 for 1 and reduced the par from $80
to $40 per share. Alter the split, there were 150,000 common
shares outstanding.
Jan. 8.
Declared semiannual dividends of $0.75 on 18,000 shares of
Apr.30. preferred stock and S0.28 on the common stock payable on
July 1.
July 1.
Paid the cash dividends.
Declared semiannual dividends of $0.75 on the preferred
stock and $0.14 on the common stock (before the stock
Oct.
dividend). In addition, a 5% common stock dividend was
31.
declared on the common stock outstanding. The fair market
value of the common stock is estimated at $52.
Dec.
Paid the cash dividends and issued the certificates for the
31.
common stock dividend.

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