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 $48 to $24 per share. After the split, there were 111,000 common shares outstanding. Date Account Jan. 8 No Entry Required S No Entry Required Debit Credit Feedback Check My Work Review the effect of stock splits on equity accounts. Apr. 30. Declared semiannual dividends of $1.40 per share on 8,000 shares of preferred stock and $0.13 per share on the common stock payable on July 1. Date Account Apr. 30 Cash Dividends Cash Dividends Payable Feedback Check My Work Debit Credit When a company declares a dividend it becomes legally binding. July 1. Paid the cash dividends. Date Account July 1 Cash Dividends Payable Cash Debit Credit Feedback Check My Work Jum mceiving from the corporation? Check My Work What are the stockholders' receiving from the corporation? Oct. 31. Declared semiannual dividends of $1.40 per share on the preferred stock and $0.10 per share on the common stock (before the stock dividend). In addition, a 3% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $43. Date Oct. 31 Cash Dividends Account Cash Dividends Payable Oct. 31 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Par-Common Stock Debit Credit 000 000 00 Feedback Check My Work On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity? Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Date Account Dec. 31 Cash Dividends Payable Cash- Dec. 31 Stock Dividends Distributable Common Stock Feedback Check My Work What are the stockholders receiving? Feedback Check My Work Partially correct Debit Credit Next