Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:Jan.8Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 141,000 common shares outstanding.Apr.30Declared semiannual dividends of $0.80 on 16,500 shares of preferred stock and $0.31 on the common stock payable on July 1.Jul.1Paid the cash dividends.Oct.31Declared semiannual dividends of $0.80 on the preferred stock and $0.16 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 $53.Dec.31Paid the cash dividends and issued the certificates for the common stock dividend. Journalize the transactions JournalShaded cells have feedbackDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESApr. 30 Cash Dividends12Cash Dividends PayableJul. 1 Cash Dividends PayableCashOct. 31 Cash Dividends5Cash Dividends Payable7Stock DividendsStock Dividends DistributablePaid-In Capital in Excess of Par-Common Stock10Dec. 31 Cash Dividends Payable11Cash12Paid-In Capital in Excess of Par-Common Stock13Common Stock

A dividend is a reward paid out of a company's net profits to the shareholders for investment in a…

Answered: Selected transactions completed by…

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 transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:

Jan.	8	Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 141,000 common shares outstanding.
Apr.	30	Declared semiannual dividends of $0.80 on 16,500 shares of preferred stock and $0.31 on the common stock payable on July 1.
Jul.	1	Paid the cash dividends.
Oct.	31	Declared semiannual dividends of $0.80 on the preferred stock and $0.16 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 $53.
Dec.	31	Paid the cash dividends and issued the certificates for the common stock dividend.

Journalize the transactions

Journal
Shaded cells have feedback
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
Apr. 30 Cash Dividends
1
2
Cash Dividends Payable
Jul. 1 Cash Dividends Payable
Cash
Oct. 31 Cash Dividends
5
Cash Dividends Payable
7
Stock Dividends
Stock Dividends Distributable
Paid-In Capital in Excess of Par-Common Stock
10
Dec. 31 Cash Dividends Payable
11
Cash
12
Paid-In Capital in Excess of Par-Common Stock
13
Common Stock

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