Question

Calcuno 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 e Jan. 8. Split the common stock 3 for 1 and reduced the par from $54 to $18 per share. After the split, there were 75,000 common shares outstanding. Jan 8 No Entry Required o ✓ No Entry Required 0 Feedback Check My Work Review the effect of stock splits on equity accounts. Apr. 30. Declared semiannual dividends of $1.1 on 5,000 shares of preferred stock and $0.12 on the common stock payable on July 1. Apr. 30 Cash Dividends Cash Dividends Payable v

Answer 1

Date	Account Titles	Debit $	Credit $
Apr.30	Cash Dividend	14,500
	Cash Dividends payable		14,500
	(5000*1.1)+(75000*0.12)
Jul.1	Cash Dividends payable	14,500
	Cash		14,500
Oct.31	Cash Dividend	13,750
	Cash Dividends payable		13,750
	(1.1*5000)+(75000*0.11)
Oct.31	Stock Dividends ( 75,000 x 2% x 32 )	48,000
	Stock Dividends distributable ( 75,000 x 2% x 18 )		27,000
	Paid in capital in excess of par-Common Stock		21,000
Dec.31	Cash Dividends payable	13,750
	Cash		13,750
Dec.31	Stock Dividends distributable ( 75,000 x 2% x 18 )	27,000
	Common Stock		27,000