eBook Selected dividend transactions, stock split 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 $40 to $20 per share. After the split, there were 105,000 common shares outstanding. Account Debit Credit Date Jan. 8 No Entry Required No Entry Required Feedback Check My Work Review the effect of stock splits on equity accounts. Apr. 30. Declared semiannual dividends of $1.00 per share on 7,000 shares of preferred stock and $0.12 per share on the common stock payable on July 1. Date Account Debit Credit Apr. 30 Cash Dividends 19,600 Cash Dividends Payable 19,600 Feedback Check My Work When a company declares a dividend it becomes legally binding. July 1. Paid the cash dividends. Date Account Debit Credit July 1 Cash Dividends Payable 17,500 X