gnment/hakeAssignmentMain.do eBook Calculator Selected transactions completed by

Question

gnment/hakeAssignmentMain.do eBook Calculator 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 $80 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. 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 Paid the cash dividends and issued the certificates for the common stock Oct. 31 Dec. 31 Check My Work 1 more Check My Work uses remaining.

Explanation / Answer

Journal Common stock ($ 80 par) 6000000 To Common stock ($ 40 par) 6000000 Dividend declared 55500    To dividend payable to Preferred holders 13500    To dividend payable to Common holders 42000 Dividend payable to Preferred holders 13500 Dividend payable to Common holders 42000    To cash 55500 Dividend declared 34500    To dividend payable to Preferred holders 13500    To dividend payable to Common holders 21000 Retained earnings 390000    To dividend distributable 390000 Dividend payable to Preferred holders 13500 Dividend payable to Common holders 21000    To cash 34500 Dividend distributable 390000 To common stock 300000    To paid in capital 90000

Related Questions

Navigate

• Browse (All)
• Browse G
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.