90.2K

Verified Solution

Link Copied!

Entries for Selected Corporate Transactions

Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:

Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

Jan. 5. Split the common stock 5 for 1 and reduced the par from $200 to $40 per share. After the split, there were 575,000 common shares outstanding.

Date	Account	Debit	Credit
Jan. 5.	CashCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockPreferred Stock No Entry Required	fill in the blank 2	fill in the blank 3
	CashCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockTreasury Stock No Entry Required	fill in the blank 5	fill in the blank 6

Mar. 10. Purchased 46,000 shares of the corporation's own common stock at $43, recording the stock at cost.

Date	Account	Debit	Credit
Mar. 10.	CashCommon StockNo Entry RequiredPaid-In Capital from Sale of Treasury StockTreasury Stock Treasury Stock	fill in the blank 8	fill in the blank 9
	CashCommon StockNo Entry RequiredPaid-In Capital from Sale of Treasury StockTreasury Stock Cash	fill in the blank 11	fill in the blank 12

Apr. 30. Declared semiannual dividends of $2.40 on 40,000 shares of preferred stock and $0.08 on the common stock to stockholders of record on May 15, payable on June 15.

Date	Account	Debit	Credit
Apr. 30.	CashCash DividendsCash Dividends PayableCommon StockNo Entry Required Cash Dividends	fill in the blank 14	fill in the blank 15
	CashCash DividendsCash Dividends PayableCommon StockNo Entry Required Cash Dividends Payable	fill in the blank 17	fill in the blank 18

June 15. Paid the cash dividends.

Date	Account	Debit	Credit
June 15.	CashCash DividendsCash Dividends PayableCommon StockNo Entry Required Cash Dividends Payable	fill in the blank 20	fill in the blank 21
	CashCash DividendsCash Dividends PayableCommon StockNo Entry Required Cash	fill in the blank 23	fill in the blank 24

Aug. 20. Sold 33,000 shares of treasury stock at $50, receiving cash.

Date	Account	Debit	Credit
Aug 20.	CashCommon StockNo Entry RequiredPaid-In Capital from Sale of Treasury StockTreasury Stock Cash	fill in the blank 26	fill in the blank 27
	CashCommon StockNo Entry RequiredPaid-In Capital In Excess of Par-Common StockTreasury Stock Treasury Stock	fill in the blank 29	fill in the blank 30
	CashCommon StockNo Entry RequiredPaid-In Capital from Sale of Treasury StockRetained Earnings Paid-In Capital from Sale of Treasury Stock	fill in the blank 32	fill in the blank 33

Oct. 15. Declared semiannual dividends of $2.40 on the preferred stock and $0.14 on the common stock (before the stock dividend).

Date	Account	Debit	Credit
Oct. 15.	CashCash DividendsCash Dividends PayableCommon StockNo Entry Required Cash Dividends	fill in the blank 35	fill in the blank 36
	CashCash DividendsCash Dividends PayableCommon StockNo Entry Required Cash Dividends Payable	fill in the blank 38	fill in the blank 39

Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52.

Date	Account	Debit	Credit
Oct. 15.	CashNo Entry RequiredStock DividendsStock Dividends DistributableTreasury Stock Stock Dividends	fill in the blank 41	fill in the blank 42
	CashCommon StockNo Entry RequiredStock DividendsStock Dividends Distributable Stock Dividends Distributable	fill in the blank 44	fill in the blank 45
	Cash DividendsCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockTreasury Stock Paid-In Capital in Excess of Par-Common Stock	fill in the blank 47	fill in the blank 48

Dec. 19. Paid the cash dividends.

Date	Account	Debit	Credit
Dec. 19.	CashCash DividendsCash Dividends PayableCommon StockNo Entry Required Cash Dividends Payable	fill in the blank 50	fill in the blank 51
	CashCash Dividends PayableCommon StockNo Entry RequiredTreasury Stock Cash	fill in the blank 53	fill in the blank 54

Dec. 19. Issued the certificates for the common stock dividend.

Date	Account	Debit	Credit
Dec. 31.	CashNo Entry RequiredStock DividendsStock Dividends DistributableTreasury Stock Stock Dividends Distributable	fill in the blank 56	fill in the blank 57
	Common StockNo Entry RequiredStock DividendsStock Dividends DistributableTreasury Stock Common Stock	fill in the blank 59	fill in the blank 60

Answer & Explanation Solved by verified expert

See Answer