Question

Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows Jan. 8 Spit

journalize the transactions

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Answer #1

Journalize the transactions

Date account title and explanation debit ($) credit ($)
January 8 No entry required
April 30 Cash dividends ( 18000×$0.75)+150000 shares×$0.28=13500+42000=55500 55500
Cashe dividends payable 55500
(To record the declaration of Cash dividends)
July 1 Cash dividends payable 55500
Cash 55500
( Record the payment of cash dividends)
October 31 stock dividends (150000shares×5%×$52= 390000 390000
Common stock dividends distributable(7500shares× $40) 300000

Paid in capital in excess of stated

Value common stock(7500 shares×$52-$40)

90000
(Record the declaration of stock dividends)
December 31 Cash dividends payable (18000 shares×$0.75)+(150000 shares×$0.14)=13500+21000=34500 34500
Cash 34500
(Record the payment of cash dividends)
December 31 common stock dividends distributable 300000
Common stock 300000
(To record the distribution of stock dividends )

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