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Split the common stock 4 for 1 and reduced the par from $20 to Jan. $5 per share. After the split, there were 4,000,000 common 5. shares outstanding. Mar. Purchased 100,000 shares of the corporation's own common stock at $30, recording the stock at cost. 10. Declared semiannual dividends of $0.25 on 30,000 shares of preferred stock and $0.08 on the common stock to stockholders Apr. 30. of record on May 15, payable on June 15- June Paid the cash dividends. 15. Aug. Sold 60,000 shares of treasury stock at $40, receiving cash. 20. Declared semiannual dividends of $0.25 on the preferred stock and $0.08 on the common stock (before the stock dividend). In Oct. addition, a 1% common stock dividend was declared on the common stock outstanding. The fair market value of the 15. common stock is estimated at $35. The dividend date of record is November 15 payable on December 19. Dec. Paid the cash dividends and issued the certificates for the 10. common stock dividend.

Split the common stock 4 for 1 and reduced the par from $20 to Jan. $5 per share. After the split, there were 4,000,000 common 5. shares outstanding. Mar. Purchased 100,000 shares of the corporation's own common stock at $30, recording the stock at cost. 10. Declared semiannual dividends of $0.25 on 30,000 shares of preferred stock and $0.08 on the common stock to stockholders Apr. 30. of record on May 15, payable on June 15- June Paid the cash dividends. 15. Aug. Sold 60,000 shares of treasury stock at $40, receiving cash. 20. Declared semiannual dividends of $0.25 on the preferred stock and $0.08 on the common stock (before the stock dividend). In Oct. addition, a 1% common stock dividend was declared on the common stock outstanding. The fair market value of the 15. common stock is estimated at $35. The dividend date of record is November 15 payable on December 19. Dec. Paid the cash dividends and issued the certificates for the 10. common stock dividend.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...
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Entries for selected corporate transactions
Selected transactions completed by ATV Discount Corporation during
the current fiscal year are as attached:

 

Instructions

Journalize the transactions.

 

Split the common stock 4 for 1 and reduced the par from $20 to Jan. $5 per share. After the split, there were 4,000,000 common 5. shares outstanding. Mar. Purchased 100,000 shares of the corporation's own common stock at $30, recording the stock at cost. 10. Declared semiannual dividends of $0.25 on 30,000 shares of preferred stock and $0.08 on the common stock to stockholders Apr. 30. of record on May 15, payable on June 15- June Paid the cash dividends. 15. Aug. Sold 60,000 shares of treasury stock at $40, receiving cash. 20. Declared semiannual dividends of $0.25 on the preferred stock and $0.08 on the common stock (before the stock dividend). In Oct. addition, a 1% common stock dividend was declared on the common stock outstanding. The fair market value of the 15. common stock is estimated at $35. The dividend date of record is November 15 payable on December 19. Dec. Paid the cash dividends and issued the certificates for the 10. common stock dividend.
Transcribed Image Text:Split the common stock 4 for 1 and reduced the par from $20 to Jan. $5 per share. After the split, there were 4,000,000 common 5. shares outstanding. Mar. Purchased 100,000 shares of the corporation's own common stock at $30, recording the stock at cost. 10. Declared semiannual dividends of $0.25 on 30,000 shares of preferred stock and $0.08 on the common stock to stockholders Apr. 30. of record on May 15, payable on June 15- June Paid the cash dividends. 15. Aug. Sold 60,000 shares of treasury stock at $40, receiving cash. 20. Declared semiannual dividends of $0.25 on the preferred stock and $0.08 on the common stock (before the stock dividend). In Oct. addition, a 1% common stock dividend was declared on the common stock outstanding. The fair market value of the 15. common stock is estimated at $35. The dividend date of record is November 15 payable on December 19. Dec. Paid the cash dividends and issued the certificates for the 10. common stock dividend.
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