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PB6. LO 14.3Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue
PB6.
LO 14.3Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and none of the preferred shares. Tent & Tarp has the following transactions:
Mar. 1 | Declares a cash dividend of $3 per share |
Mar. 30 | Pays the cash dividend |
Jul. 10 | Declares a 35% stock dividend when the stock is trading at $15 per share |
Aug. 5 | Issues the stock dividend |
Journalize these transactions.
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