Selected transactions completed by Carleton Aeronautic Supply Corporation during the current fiscal year were as follows: Mar.

Question:

Selected transactions completed by Carleton Aeronautic Supply Corporation during the current fiscal year were as follows:

Mar. 8. Split the common shares 4 for 1. After the split, 400,000 common shares were outstanding.

May. 3. Declared semiannual dividends of $2 on 20,000 preferred shares and $0.75 on the common shares to shareholders of record on June 5, payable on July 7. Carleton Aeronautic does not use a dividend account.

Jul. 7. Paid the cash dividends.

Oct. 2. Declared semiannual dividends of $2 on the preferred shares and $0.90 on the common shares (before the share dividend). In addition, a 3% common share dividend was declared on the common shares outstanding. The fair market value of the common shares is estimated at $42.

Dec. 5. Paid the cash dividends and issued the certificates for the common share dividend.

Journalize the transactions

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... 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...