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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 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 150,000 common shares outstanding. 88 Jan, 8 No Entry Required v No Entry Required v Feedback Check My Work Review the effect of stock splits on equity accounts. Apr. 30. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1.

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 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 150,000 common shares outstanding. 88 Jan, 8 No Entry Required v No Entry Required v Feedback Check My Work Review the effect of stock splits on equity accounts. Apr. 30. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1.

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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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 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 150,000 common shares outstanding. 88 Jan. 8 No Entry Required No Entry Required v Feedback V Check My Work Review the effect of stock splits on equity accounts. Apr. 30. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1. Apr. 30 Cash Dividends Cash Dividends Payable v
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 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 150,000 common shares outstanding. 88 Jan. 8 No Entry Required No Entry Required v Feedback V Check My Work Review the effect of stock splits on equity accounts. Apr. 30. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1. Apr. 30 Cash Dividends Cash Dividends Payable v
July 1. Paid the cash dividends. Cash Dividends Payable v July 1 55,500 Cash v 55,500 Feedback V Check My Work What are the stockholders' receiving from the corporation? Oct. 31. Declared semiannual dividends of $0.75 on the preferred stock and $0.14 on the common stock (before the stock dividend). In addition, a 5% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52. Cash dividends Cash Dividends v Cash Dividends Payable v Stock dividends Stock Dividends v Stock Dividends Distributable v Paid-In Capital in Excess of Par-Common Stock v Feedback V 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. Payment Cash Dividends Payable v Cash v Issuance Stock Dividends Distributable v Common Stock v 00 000 00 00
Transcribed Image Text:July 1. Paid the cash dividends. Cash Dividends Payable v July 1 55,500 Cash v 55,500 Feedback V Check My Work What are the stockholders' receiving from the corporation? Oct. 31. Declared semiannual dividends of $0.75 on the preferred stock and $0.14 on the common stock (before the stock dividend). In addition, a 5% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52. Cash dividends Cash Dividends v Cash Dividends Payable v Stock dividends Stock Dividends v Stock Dividends Distributable v Paid-In Capital in Excess of Par-Common Stock v Feedback V 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. Payment Cash Dividends Payable v Cash v Issuance Stock Dividends Distributable v Common Stock v 00 000 00 00
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