Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:
Jan. | 5. | Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,150,500 common shares outstanding. |
Mar. | 10. | Purchased 41,400 shares of the corporation’s own common stock at $28, recording the stock at cost. |
Apr. | 30. | Declared semiannual dividends of $0.80 on 74,100 shares of preferred stock and $0.12 on the common stock to stockholders of record on May 15, payable on June 15. |
June | 15. | Paid the cash dividends. |
Aug. | 20. | Sold 29,000 shares of treasury stock at $33, receiving cash. |
Oct. | 15 | 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 $36. The dividend date of record is November 15 payable on December 19. |
Dec. | 19. | Paid the cash dividends and issued the certificates for the common stock dividend. |
Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
.Solution:
Date | Particulars | Debit ($) | Credit ($) |
10-March | Treasury Stock(41,400*$28) | $1,159,200 | |
Cash | $1,159,200 | ||
(To record purchase of own stock) | |||
30-April | Dividends((74,100*$0.80)+(1,150,500-41,400)*0.12) | $192,372 | |
Dividend Payable | $192,372 | ||
(To record dividend declared) | |||
15-June | Dividend Payable | $192,372 | |
Cash | $192,372 | ||
(To record payment of dividends) | |||
20-August | Cash(29,000*$33) | $957,000 | |
Treasury Stock (29,000*$28) | $812,000 | ||
Additional Paid in capital | $145,000 | ||
(To record reissue of treasury stock) | |||
15-October | Dividends((74,100*$0.80)+(1,150,500-12,400)*0.12) | $195,852 | |
Dividend Payable | $195,852 | ||
(To record dividend declared) | |||
15-October | Stock Dividends((1,150,500-12,400)*2%*$36) | $819,432 | |
Common Stock dividend distributable | $819,432 | ||
(To record stock dividend declared) | |||
19-December | Dividend Payable | $195,852 | |
Cash | $195,852 | ||
(To record payment of dividends) | |||
19-December | Stock dividend distributed | $819,432 | |
Common Stock | $819,432 | ||
(To record stock dividend distributed) |
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan. 5. Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,150,500 common shares outstanding. Mar. 10. Purchased 41,400 shares of the corporation’s own common stock at $28, recording the stock at cost. Apr. 30. Declared semiannual dividends of $0.80 on 74,100 shares of preferred stock and $0.12 on the common stock...
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