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.

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Jan. 8. Split the common stock 2 for 1 and reduced the par from $40 to $20 per share. After the split, there were 150,000 common shares outstanding.

Date	Account	Debit	Credit
Jan. 8	CashCash DividendsCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockNo Entry Required	No Entry Required	No Entry Required
	CashCash DividendsCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockNo Entry Required	No Entry Required	No Entry Required

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Review the effect of stock splits on equity accounts.

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Apr. 30. Declared semiannual dividends of $1.20 per share on 11,000 shares of preferred stock and $0.06 per share on the common stock payable on July 1.

Date	Account	Debit	Credit
Apr. 30	Cash DividendsCash Dividends PayableCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockCash Dividends	Cash Dividends	Cash Dividends
	Cash DividendsCash Dividends PayableCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockCash Dividends Payable	Cash Dividends Payable	Cash Dividends Payable

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When a company declares a dividend it becomes legally binding.

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July 1. Paid the cash dividends.

Date	Account	Debit	Credit
July 1	Cash DividendsCash Dividends PayableCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockCash Dividends Payable	Cash Dividends Payable	Cash Dividends Payable
	CashCash DividendsCash Dividends PayableNo Entry RequiredPaid-In Capital in Excess of Par-Common StockCash	Cash	Cash

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What are the stockholders' receiving from the corporation?

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Oct. 31. Declared semiannual dividends of $1.20 per share on the preferred stock and $0.04 per share 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 $36.

Date	Account	Debit	Credit
Oct. 31	CashCash DividendsCash Dividends PayableCommon StockNo Entry RequiredCash Dividends	Cash Dividends	Cash Dividends
	CashCash DividendsCash Dividends PayableCommon StockNo Entry RequiredCash Dividends Payable	Cash Dividends Payable	Cash Dividends Payable
Oct. 31	Common StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockStock DividendsStock Dividends DistributableStock Dividends	Stock Dividends	Stock Dividends
	CashCommon StockNo Entry RequiredStock DividendsStock Dividends DistributableStock Dividends Distributable	Stock Dividends Distributable	Stock Dividends Distributable
	CashCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockStock DividendsPaid-In Capital in Excess of Par-Common Stock	Paid-In Capital in Excess of Par-Common Stock	Paid-In Capital in Excess of Par-Common Stock

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On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity?

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Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend.

Date	Account	Debit	Credit
Dec. 31	CashCash DividendsCash Dividends PayableCommon StockNo Entry RequiredCash Dividends Payable	Cash Dividends Payable	Cash Dividends Payable
	CashCash DividendsCash Dividends PayableCommon StockNo Entry RequiredCash	Cash	Cash
Dec. 31	CashCommon StockNo Entry RequiredStock DividendsStock Dividends DistributableStock Dividends Distributable	Stock Dividends Distributable	Stock Dividends Distributable
	CashCommon StockNo Entry RequiredStock DividendsStock Dividends DistributableCommon Stock