Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

There are two questuons on this post. Here is #1 Here is #2 Mar. 1. Declared semiannual dividends of $0.25 per share on 100,000 shares

There are two questuons on this post.
Here is #1
image text in transcribed
image text in transcribed
image text in transcribed
Here is #2
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Mar. 1. Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30. Apr. 30. Paid the cash dividends. May 31. Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost. Aug. 17. Sold 40,000 shares of treasury stock at $38, recciving cash. Sept. 1. Declared semiannual dividends of $0.25 per share on the preferred stock and $0,09 per share on the common stock (before the stock dividend). Sept. 1. A 1% common stock dividend was declared on the common stock outstanding, to be capltalized at the fair market value of the common stock, which is estimated at $40. Oct. 31. Paid the cosh dividends. 2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 20Yz. West Yellowstone Outfitters Corporation manufactures and dastributes leisure clothing. Selected transactions completed by West Yellowstone Outfitters during the current fiscal year are as follows: Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding. Mat 1. Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockhoiders of record on March 31 . payable on Aorli 30. Apt 30. Paid the cosh dividends. May 31. Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost. Aug. 17. Sold 40,000 shares of treasury stock at \$38, receving cash. Sept. 1. Declared semiannuat dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the steck dividend). In addition, a 1% commen stock dividend was beclared on the commen stock outstanding, to be capitalized at the fair market value of the commen stock, which is estimated at 540 . Oat. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Required: journalize the transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blanic. Jan, 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares cutakanding

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Introduction To Business Accounts

Authors: John Harrison, Ron Dawber

1st Edition

9780273019954

More Books

Students also viewed these Accounting questions

Question

finding entry-level positions;

Answered: 1 week ago