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, select "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 $100 to $50 per share. After the split, there were 300,000 common shares outstanding. Jan. 8 No Entry Required No Entry Required 0 0 Feedback Check / Work Review the effect of stock splits on equity accounts. Apr. 30. Declared semiannual dividends of $0.60 per share on 16,000 shares of preferred stock and $0.22 per share on the common stock payable on July 1. Apr 30 Cash Dividends 68,112 X Cash Dividends Payable 68,112 x Apr. 30. Declared semiannual dividends of $0.60 per share on 16,000 shares of preferred stock and $0.22 per share on the common stock payable on July 1. Apr. 30 Cash Dividends 68,112 x Cash Dividends Payable 68,112 X Fondback Check My Work When a company declares a dividend it becomes legally binding. July 1. Paid the cash dividends. July 1 Cash Dividends Payable Cash Oct. 31. Declared semiannual dividends of $0.60 per share on the preferred stock and $0.11 per share on the common stock (before the stock dividend). In addition, a 5% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $56. Oct. 31 Cash Dividends Cash Dividends Payable Oct. 31 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Par Common Stock 9 Feedback Check My Work On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity? Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 31 Cash Dividends Payable Cash Dec. 31 Stock Dividends Distributable Common Stock Feedback Feedback Check My Work Partially correct