Assume Frelix Construction Ltd. completed the following selected transactions during the year 2017: Apr. 19 Declared a

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Assume Frelix Construction Ltd. completed the following selected transactions during the year 2017:
Apr. 19 Declared a cash dividend on the $8.50 preferred shares (3,000 shares outstanding). Declared a $2.00 per share dividend on the 100,000 common shares outstanding. The date of record was May 2, and the payment date was May 25.
May 25 Paid the cash dividends.
Jun. 7 Split the company's 100,000 common shares 2 for 1; one new common share was issued for each old share held.
Jul. 29 Declared a 5 percent stock dividend on the common shares to holders of record on August 22, with distribution set for September 9. The market value was $36.00 per common share.
Sep. 9 Issued the stock dividend shares.
Nov. 26 Repurchased 5,000 of the company's own common shares at $40.00 per share. They had an average issue price of $28.00 per share.
Required
Record the transactions in the general journal.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Horngrens Accounting

ISBN: 978-0133855388

10th Canadian edition Volume 2

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

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