Selected Dividend Transactions, Stock Split

Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:

Journalize the transactions.

If no entry is required, type "No Entry Required" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.

Jan. 8. Split the common stock 3 for 1 and reduced the par from $60 to $20 per share. After the split, there were 123,000 common shares outstanding.

Jan. 8	No Entry Required
	No Entry Required

Feedback

Review the effect of stock splits on equity accounts.

Apr. 30. Declared semiannual dividends of $1.1 on 9,000 shares of preferred stock and $0.11 on the common stock payable on July 1.

Apr. 30	Cash Dividends
	Cash Dividends Payable

Feedback

When a company declares a dividend it becomes legally binding.

July 1. Paid the cash dividends.

July 1	Cash Dividends Payable
	Cash

Feedback

Correct

Oct. 31. Declared semiannual dividends of $1.1 on the preferred stock and $0.09 on the common stock (before the stock dividend). In addition, a 3% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36.

Cash Dividends	Cash Dividends
	Cash Dividends Payable
Stock dividends	Stock Dividends
	Stock Dividends Distributable
	Paid-In Capital in Excess of Par-Common Stock

Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend.

Payment	Cash Dividends Payable
	Cash
Issuance	Stock Dividends Distributable
	Common Stock