LillyPrince
07.06.2020 •
Business
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 2 for 1 and reduced the par from $100 to $50 per share. After the split, there were 300,000 common shares outstanding. Jan. 8 Apr. 30. Declared semiannual dividends of $0.60 per share on 16,000 shares of preferred stock and $0.22 per share on the common stock payable on July 1. Apr. 30 July 1. Paid the cash dividends. July 1 Oct. 31. Declared semiannual dividends of $0.60 per share on the preferred stock and $0.11 per share 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 $56. Oct. 31 Oct. 31 Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 31 Dec. 31
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Ответ:
Canyon Ferry Boating Corporation
Journal Entries:
Debit Credit
Jan. 8: Stock Split
Jan. 8: Dividends: Preferred $9,600
Dividends: Common Stock $66,000
Dividends Payable $75,600
To record semiannual dividends declared.
July 1: Dividends Payable $75,600
Cash Account $75,600
To record the payment of the cash dividends.
Oct. 31: Dividends: Preferred $9,600
Dividends: Common Stock $33,000
Dividends Payable $42,600
To record semiannual dividends declared.
Oct. 31: Dividends: Common Stock $750,000
Dividends Payable $750,000
To record 5% dividend declared on the common stock.
Dec. 31: Dividends Payable $42,600
Cash Account $42,600
To record the payment of the cash dividends.
Dec. 31: Dividends Payable $750,000
Common Stock $750,000
To record the issue of certificates for the common stock dividend.
Explanation:
a) A decision by a company's board of directors to increase the number of outstanding shares through the issue of more shares to current shareholders is called a stock split. The purpose is to lower the market price of stock to a comfortable range for most investors, thereby increasing the liquidity of the shares. For example, in a 2-for-1 stock split, an additional share is given for each share held by a shareholder. The decision usually lowers the stock price and increases the number of shares by the same ratio, it does not necessitate for accounting records.
b) A stock dividend is payment to shareholders in the form of additional shares in the company, rather than as cash. There is no taxation on stock dividends until the shares granted are sold by their owners.
Ответ:
k the filter looks black and white so I can't tell what is your hair color