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

Question:

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 150,000 common shares outstanding.

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.

July 1. Paid the cash dividends.

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.

Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend.

Journalize the transactions.

Common Stock
Common 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... 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... 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...