Journalize the following selected transactions completed during the current fiscal year: Jan 3 The board of directors
Question:
Journalize the following selected transactions completed during the current fiscal year:
Jan 3 The board of directors reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 400,000.
Jan 22 Declared a dividend of $2.00 per share on the outstanding shares of common stock.
Feb 8 Paid the dividend declared on January 22.
Sep 1 Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $30).
Oct 1 Issued the certificates for the common stock dividend declared on September 1.
Common StockCommon stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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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ISBN: 978-0176509743
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Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
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