Jan. 5 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,150,500 common shares outstanding. Mar. 10 Purchased 41,400 shares of the corporation's own common stock at \$28, recording the stock at cost. Apr. 30 Declared semiannual dividends of $0.80 on 74,100 shares of preferred stock and $0.12 on the common stock to stockholders of record on May 15, payable on June 15. June 15 Paid the cash dividends. Aug. 20 Sold 29,000 shares of treasury stock at $33, receiving cash. Oct. 15 Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. 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. CHART OF ACCOUNTS ATV Discount Corporation General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Merchandise inventory 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 193 Equipment 532 Delivery Expense 194 Accumulated Depreciation-Equipment 533 Selling Expenses 534 Rent Expense LIABILITIES 535 Insurance Expense 210 Accounts Payable 536 Office Supples Expense 221 Notes Payable 537 Organizational Expenses 226 Interest Payable 562 Depreciation Expense-Equipment 231 Cash Dividends Payable 590 Miscellaneous Expense 241 Salaries Payable 710 Interest Expense 261 Mortgage Note Payable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-in Capital from Sale of Treasury Stock 340 Retained Earnings 350 Stock Dividends Distributable 351 Cash Dividends 352 Stock Dividends Jan. 5 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,150,500 common shares outstanding. Mar. 10 Purchased 41,400 shares of the corporation's own common stock at \$28, recording the stock at cost. Apr. 30 Declared semiannual dividends of $0.80 on 74,100 shares of preferred stock and $0.12 on the common stock to stockholders of record on May 15, payable on June 15. June 15 Paid the cash dividends. Aug. 20 Sold 29,000 shares of treasury stock at $33, receiving cash. Oct. 15 Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. 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. CHART OF ACCOUNTS ATV Discount Corporation General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Merchandise inventory 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 193 Equipment 532 Delivery Expense 194 Accumulated Depreciation-Equipment 533 Selling Expenses 534 Rent Expense LIABILITIES 535 Insurance Expense 210 Accounts Payable 536 Office Supples Expense 221 Notes Payable 537 Organizational Expenses 226 Interest Payable 562 Depreciation Expense-Equipment 231 Cash Dividends Payable 590 Miscellaneous Expense 241 Salaries Payable 710 Interest Expense 261 Mortgage Note Payable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-in Capital from Sale of Treasury Stock 340 Retained Earnings 350 Stock Dividends Distributable 351 Cash Dividends 352 Stock Dividends