Journalize the transactions. For a compound transaction, if an amount box does not require an...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
Jan. 15. Split the common stock 5 for 1 and reduced the par from $75 to $15 per share. After the split, there were 475,000 common shares outstanding.
Feb. 28. Purchased 38,000 shares of the corporation's own common stock at $20, recording the stock at cost.
May 1. Declared semiannual dividends of $3.10 on 30,000 shares of preferred stock and $0.3 on the common stock to stockholders of record on June 1, payable on July 10.
July 10. Paid the cash dividends.
Sept. 7. Sold 27,000 shares of treasury stock at $28, receiving cash.
Oct. 1. Declared semiannual dividends of $3.10 on the preferred stock and $0.36 on the common stock (before the stock dividend).
Oct. 1. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $30.
Dec. 1. Paid the cash dividends.
Dec. 1. Issued the certificates for the common stock dividend.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
