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Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8 Split the common stock 2 for 1
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:
Jan. | 8 | Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 141,000 common shares outstanding. |
Apr. | 30 | Declared semiannual dividends of $0.80 on 16,500 shares of preferred stock and $0.31 on the common stock payable on July 1. |
Jul. | 1 | Paid the cash dividends. |
Oct. | 31 | Declared semiannual dividends of $0.80 on the preferred stock and $0.16 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 $53. |
Dec. | 31 | Paid the cash dividends and issued the certificates for the common stock dividend. |
Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
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ACCOUNTING EQUATION
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