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. If an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 2 for 1 and reduced the par from $60 to $30 per share. After the split, there were 135,000 common shares outstanding. Jan. 8 Feedback Check My Work Review the effect of stock splits on equity accounts. Apr. 30. Declared semiannual dividends of $1.60 on 9,000 shares of preferred stock and $0.07 on the common stock payable on July 1 . Apr. 30 Feedback Check My Work When a company declares a dividend it becomes legally binding. July 1. Paid the cash dividends. July 1 x X value of the common stock is estimated at $54. Feedback Vheck My Work On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity