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Entries for selected corporate transact ions Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan. 9. Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding. Feb. 28. Purchased 40,000 shares of the corporation’s own common stock a t $28, recording the stock at cost. May 1. Declared semiannual dividends of $0.80 on 75,000 shares of preferred stock and $0.12 on the common stock to stockholders of record on June 1, payable on July 10. July 10. Paid the cash dividends. Sept. 7. Sold 30,000 shares of treasury stock at $34, receiving cash. Oct. 1. Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. Dec. 1. Paid the cash dividends and issued the certificates for the common stock dividend. Instructions Journalize the transactions.

BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

Solutions

Chapter
Section
Chapter 13, Problem 13.5APR
Textbook Problem

Entries for selected corporate transact ions

Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows:

Jan. 9. Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding.

Feb. 28. Purchased 40,000 shares of the corporation’s own common stock a t $28, recording the stock at cost.

May 1. Declared semiannual dividends of $0.80 on 75,000 shares of preferred stock and $0.12 on the common stock to stockholders of record on June 1, payable on July 10.

July 10. Paid the cash dividends.

Sept. 7. Sold 30,000 shares of treasury stock at $34, receiving cash.

Oct. 1. Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36.

Dec. 1. Paid the cash dividends and issued the certificates for the common stock dividend.

Instructions

Journalize the transactions.

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Chapter 13 Solutions

Accounting (Text Only)
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