Paid the cash dividends 
After looking into debt financing through notes, mortgage, and bonds payable, Canyon Canoe Company decides to raise additional capital for a planned business expansion. The company will be able to acquire cash as well as land ad acent t its crrent business location. Before the following transactions, the balance in Common Stock on January 1, 2021 was $136,000 and included 136,000 shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess Par-Common.) Canyon 1 (Cick the icon to view the transactions.) Canoe Compa ny had the following transactions in 2021 Read the requirements. Requirement1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Issued 50,000 shares of $1 par value common stock for a total of $200,000. Date Accounts and Explanation Debit Credit Jan. 1 Cash 200,000 Common Stock-$1 Par Value 50,000 150,000 Paid-In Capital in Excess of Par Common Issued common stock at a premium Jan 10: Issued 20,000 shares of 4%, $3 par value preferred stock in exchange for land with a market value of $70,000. Date Accounts and Explanation Debit Credit Jan. 10 Land 0,000 Preferred Stock-$3 Par Value 60,000 Paid-In Capital in Excess of Par-Preferred 10,000 Dec. 15: Declared total cash dividends of $15,000. Accounts and Explanation Debit Credit Dec. 15 Cash Dividends 15,000 Dividends Payable-Common Dividends Payable-Preferred 12,600 2,400 Declared a cash dividend. Dec. 20: Declared an 8% common stock dividend when the market value of the stock was $4.50 per share. Accounts and Explanation Debit Credit Dec. 20 Stock Dividends 66,960 14,880 52,080 Common Stock Dividend Distributable Paid-In Capital in Excess of Par-Common Declared an 8% stock dividend Dec. 31: Paid the cash dividends. Date Accounts and Explanation Debit Credit Dec. 31 After looking into debt financing through notes, mortgage, and bonds payable, Canyon Canoe Company decides to raise additional capital for a planned business expansion. The company will be able to acquire cash as well as land ad acent t its crrent business location. Before the following transactions, the balance in Common Stock on January 1, 2021 was $136,000 and included 136,000 shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess Par-Common.) Canyon 1 (Cick the icon to view the transactions.) Canoe Compa ny had the following transactions in 2021 Read the requirements. Requirement1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Issued 50,000 shares of $1 par value common stock for a total of $200,000. Date Accounts and Explanation Debit Credit Jan. 1 Cash 200,000 Common Stock-$1 Par Value 50,000 150,000 Paid-In Capital in Excess of Par Common Issued common stock at a premium Jan 10: Issued 20,000 shares of 4%, $3 par value preferred stock in exchange for land with a market value of $70,000. Date Accounts and Explanation Debit Credit Jan. 10 Land 0,000 Preferred Stock-$3 Par Value 60,000 Paid-In Capital in Excess of Par-Preferred 10,000 Dec. 15: Declared total cash dividends of $15,000. Accounts and Explanation Debit Credit Dec. 15 Cash Dividends 15,000 Dividends Payable-Common Dividends Payable-Preferred 12,600 2,400 Declared a cash dividend. Dec. 20: Declared an 8% common stock dividend when the market value of the stock was $4.50 per share. Accounts and Explanation Debit Credit Dec. 20 Stock Dividends 66,960 14,880 52,080 Common Stock Dividend Distributable Paid-In Capital in Excess of Par-Common Declared an 8% stock dividend Dec. 31: Paid the cash dividends. Date Accounts and Explanation Debit Credit Dec. 31
