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.

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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.

DateAccountDebitCredit

Jan. $8$

No Entry Required

No Entry Required

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Review the effect of stock splits on equity accounts.

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Apr. $30.$ Declared semiannual dividends of $$0\mathrm{.}60$ per share on $16,000$ shares of preferred stock and $$0\mathrm{.}22$ per share on the common stock payable on July $1.$

DateAccountDebitCredit

Apr. $30$

Cash Dividends

Cash Dividends Payable

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When a company declares a dividend it becomes legally binding.

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July $1.$ Paid the cash dividends.

DateAccountDebitCredit

July $1$

Cash Dividends Payable

Cash

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What are the stockholders' receiving from the corporation?

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Oct. $31.$ Declared semiannual dividends of $$0\mathrm{.}60$ per share on the preferred stock and $$0\mathrm{.}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.$

DateAccountDebitCredit

Oct. $31$

Oct. $31$

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On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity?

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

DateAccountDebitCredit

Dec. $31$

Dec. $31$