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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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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