Ralston Sports Corporation completed the following selected transactions during 2018: Jan 6 Declared a cash dividend on

Question:

Ralston Sports Corporation completed the following selected transactions during 2018:

Jan 6 Declared a cash dividend on the 10,000 shares of $3.00, no-par preferred stock outstanding. Declared a $0.45 per share dividend on the 15,000 shares of common stock outstanding. The date of record is January 17, and the payment date is January 20.
Jan 20 Paid the cash dividends.
Mar 21 Split common stock 2-for-1 by calling in the 15,000 shares of $12 par common stock and issuing new stock in its place.
Apr 18 Declared and distributed a 20% stock dividend on the common stock. The market value of the common stock was $34 per share.
Jun 18 Purchased 800 shares of treasury common stock at $28 per share.
Dec 22 Sold 400 shares of treasury common stock for $34 per share.

Requirement

Record the transactions in the journal.

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...

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