declared semiannual dividends of 1 40 on the preferred stock and 0 15 on the common 554412
PR 13-5A Entries for selected corporate transactions
Selected transactions completed by Big Water Boating Corporation during the current fiscal year are as follows:
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declared semiannual dividends of 1 40 on the preferred stock and 0 15 on the common 554412
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Jan. 3. |
Split the common stock 3 for 1 and reduced the par from $90 to $30 per share. After the split, there were 750,000 common shares outstanding. |
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Apr. 7. |
Purchased 50,000 shares of the corporation’s own common stock at $33, recording the stock at cost. |
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May 1. |
Declared semiannual dividends of $1.40 on 35,000 shares of preferred stock and $0.09 on the common stock to stockholders of record on May 15, payable on June 1. |
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June 1. |
Paid the cash dividends. |
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July 29. |
Sold 36,000 shares of treasury stock at $40, receiving cash. |
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Nov. 15. |
Declared semiannual dividends of $1.40 on the preferred stock and $0.15 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $41. |
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Dec. 31. |
Paid the cash dividends and issued the certificates for the common stock dividend. |
Instructions
Journalize the transactions.
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