Entries for Selected Corporate Transactions

Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:

Jan.	5	Split the common stock 4 for 1 and reduced the par from $20 to $5 per share. After the split, there were 4,000,000 common shares outstanding.
Mar.	10	Purchased 100,000 shares of the corporations own common stock at $30, recording the stock at cost.
Apr.	30	Declared semiannual dividends of $0.25 on 30,000 shares of preferred stock and $0.08 on the common stock to stockholders of record on May 15, payable on June 15.
June	15	Paid the cash dividends.
Aug.	20	Sold 60,000 shares of treasury stock at $40, receiving cash.
Oct.	15	Declared semiannual dividends of $0.25 on the preferred stock and $0.08 on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $35. The dividend date of record is November 15 payable on December 19.
Dec.	19	Paid the cash dividends and issued the certificates for the common stock dividend.

Enteries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan. 5 Split the common stock 4 for 1 and reduced the par from $20 to $5 per share. After the split, there were 4,000,000 common shares outstanding. Reduced Par Value: > NO ENTRY 5 Mar. 10 Purchased 100,000 shares of the corporation's own common stock at $30, recording the stock at cost. Shares Purchased: 100,000 Common Stock Par: 30 Account: Credit: Date: Mar. 10 Treasury Stock Cash Debit: 3,000,000 3,000,000 Apr. 30 Declared semiannual dividends of $0.25 on 30,000 shares of preferred stock and $0.08 on the common stock to stockholders of record on May 15, payable on June 15. Semiannual Dividends: 0.25 Preferred Shares: 30,000 Common Par Value: 0.08 Credit: Date: Apr. 30 Account: : Cash Dividends Cash Dividends Payable Debit: 319,500 319,500 30,000 X.25 = 7,500 3,900,000 x .08 = 312,000 How was this amount calculted? Paid the cash dividends. Jun. 15 Date: Jun. 15 Account: Credit: : Cash Dividends Payable Cash Debit: 319,500 319,500 Aug. 20 Sold 60,000 shares of treasury stock at $40, receiving cash. Sold Shares: 60,000 Par Value: 40 Date: Credit: Debit: 2,400,000 Aug. 20 Account: Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock 1,800,000 600,000 Oct. 15 Date: Oct. 15 Declared semiannual dividends of $0.25 on the preferred stock and $0.08 on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $35. The dividend date of record is November 15 payable on December 19. . Preferred Dividends: 0.25 Common Dividends: 0.08 Common Stock Additional Percentage: 1% Account: Debit: Credit: Cash Dividends 324,300 Common Market Value: 35 Cash Dividends Payable 324,300 Stock Dividends 1,386,000 30,000 x .25 = 7,500 Stock Dividends Distributable 198,000 3,960,000 X.08 = 316,800 Paid-In Capital in Excess of Par-Common Stock 1,188,000 1 How was this amount calculted? Oct. 15 Dec. 19 Date: Dec. 19 Paid the cash dividends and issued the certificates for the common stock dividend. Account: Debit: Credit: Cash Dividends Payable 324,300 Cash 324,300 Stock Dividends Distributable 198,000 Common Stock 198,000 Dec. 19