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Entries for Selected Corporate Transactions West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions completed by West Yellowstone Outfitters during the current fiscal year are as follows: Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding. Mar. 1. Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30. Apr. 30. Paid the cash dividends. May 31. Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost. Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash. Sept. 1. Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40. Oct. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Required: Journalize the transactions. If no entry is required, select "No entry required from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding. Account Date Jan. 15 Mar. 1. Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30. Date Account Credit Mar. 1 - Apr. 30. Paid the cash dividends. Date Account Debit Credit Apr. 30 May 31. Purchased 50,000 shares of the corporation's own common stock at $32, recording the stock at cost. Account Debit Credit Date May 31 - Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash. Date Account Debit Credit Aug. 17 Sept. 1. Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend). Date Account Debit Credit Sept. 1 Sept. 1. A 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40. Date Account Sept. 1 Oct. 31. Paid the cash dividends. Account Date Oct. 31 Oct. 31. Issued the certificates for the common stock dividend. Date Account Oct. 31 Cash Common Stock No entry required Paid-In Capital in Excess of Par-Common Stock Preferred Stock
