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 150,000 common shares outstanding. Apr. 30.  Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1. July 1.  Paid the cash dividends. Oct. 31.  Declared semiannual dividends of $0.75 on the preferred stock and $0.14 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 $52. Dec. 31.  Paid the cash dividends and issued the certificates for the common stock dividend. Journalize the transactions.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 9SPB: CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio...
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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 and reduced the par from $80 to $40 per share. After the split, there were 150,000 common shares outstanding.

    Apr.

    30. 

    Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1.

    July

    1. 

    Paid the cash dividends.

    Oct.

    31. 

    Declared semiannual dividends of $0.75 on the preferred stock and $0.14 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 $52.

    Dec.

    31. 

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

    Journalize the transactions.

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