CNZ Corporation Inc. completed the following selected transactions during 2017: Feb. 4 Declared a cash dividend on

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CNZ Corporation Inc. completed the following selected transactions during 2017:
Feb. 4 Declared a cash dividend on the 30,000, $1.40 preferred shares. Declared a $0.20 per share cash dividend on the 40,000 common shares outstanding. The date of record was February 15, and the payment date was February 18.
18 Paid the cash dividends.
Apr. 18 Declared a 15 percent stock dividend on the common shares to holders of record on April 29, with distribution set for May 31. The market value of the common shares was $14.00 per share.
May 31 Issued the stock dividend shares.
Jun. 17 Repurchased 3,000 shares of the company's own common shares at $11.00 per share; average issue price was $8.00 per share.
Nov. 14 Issued 1,000 common shares for $9.00 per share.
Required
Record the transactions in the general journal.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Horngrens Accounting

ISBN: 978-0133855388

10th Canadian edition Volume 2

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

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