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 157,000 common shares outstanding. |
Apr. | 30 | Declared semiannual dividends of $0.65 on 19,000 shares of preferred stock and $0.24 on the common stock payable on July 1. |
Jul. | 1 | Paid the cash dividends. |
Oct. | 31 | Declared semiannual dividends of $0.65 on the preferred stock and $0.11 on the common stock (before the stock dividend). In addition, a 3% 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. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
Ans: Journal entries are as follows (Amount in dollars) :
On 8th January :
Common stock par (80) Dr. 6280000
To common stock par (40) 6280000
On 30th April:
Retained Earnings Dr. 50030
To Preferred Dividend payable 12350
To Common Dividends Payable 37680
On 1st July :
Preferred Dividend payable Dr. 12350
Common Dividend payable Dr. 37680
To Cash 50030
On 31st Oct. :
Retained Earnings Dr. 218020
To Preferred Dividend payable 12350
To common dividends payable 205670
On 31st December:
Preferred Dividend payable 12350
Common Dividend payable 205670
To Cash 218020
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:...
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 157,000 common shares outstanding. Declared semiannual dividends of $0.65 per share on 19,000 shares of preferred stock and $0.24 per share on the common stock payable on July 1. Apr. 30 Jul. 1 Paid the cash dividends. Oct. 31 Declared...
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 157,000 common shares outstanding. Apr. 30 Declared semiannual dividends of $0.65 on 19,000 shares of preferred stock and $0.24 on the common stock payable on July 1. Jul. 1 Paid the cash dividends. Oct. 31 Declared semiannual dividends of $0.65...
journalize the transactions Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows Jan. 8 Spit the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the sple, there were 150,000 common shares outstanding Apr 30 Jul. Oct. 1 31 Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1. Paid the cash dividends Declared semiannual...
There should be 13 Journal entries Instructions Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Split the common stock 2 for 1 and reduced the par from S80 to $40 per share. After the split, there were 150,000 common shares outstanding. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1 Jan. 8 Apr 30 Jul. 1 Paid the cash dividends...
ructions ected 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 157,000 common shares outstanding. Apr. Declared semiannual dividends of $0.65 on 19,000 shares of preferred stock and $0.24 on the common 30 stock payable on July 1. Paid the cash dividends. Jul. Oct Declared semiannual dividends of $0.65 on...
Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, type "No Entry Required" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 2 for 1 and reduced the par from $56 to $28 per share. After the split, there were 120,000...
Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Journalize the transactions If no entry is required, type "No Entry Required and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 3 for 1 and reduced the par from $54 to $18 per share. After the split, there were 114,000...
Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 2 for 1 and reduced the par from $40 to $20 per share. After the split, there were 129,000 common shares outstanding. Jan....
Should be 13 Entries Instructions Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Split the common stock 2 for 1 and reduced the par from S80 to $40 per share. After the split, there were 150,000 common shares outstanding. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1 Jan. 8 Apr 30 Jul. 1 Paid the cash dividends Oct. 31...
resource from Cengage Learning Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows Journalize the transactions If no entry is required, type "No Entry Required and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it bank Jan. 8. Split the common stock 2 for 1 and reduced the par from $36 to $18 per share. After the...