Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8 Apr. 30 Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 150,000 common shares outstanding. Shares: 150,000.00 Original Par: 80 Reduced Par: Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1. Shares: 18,000.00 Common Stock Payabe: Semannual Dividends 0.75 40 0.28 Jul. 1 Paid the cash dividends. Oct. 31 Declared semiannual dividends of $0.75 on the preferred stock and $0.14 on the common stock (before the stock dividend). In addition, a 5% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52. Semiannual Dividends: Preferred Stock: Common Stock: 0.75 0.14 Dividend: Dec. 31 Paid the cash dividends and issued the certificates for the common stock dividend. Common Stock 5% Market Value: 52 Journalize the transactions. If no entry is required, simply skip to the next transaction. Date: Apr. 30 Account: Cash Dividends Cash Dividends Payable Jul. 1 Cash Dividends Payable Cash Debit: Credit: 55,500 55,500 55,500 55,500 Oct. 31 Cash Dividends 34,500 Cash Dividends Payable 34,500 Where did this number come from? Oct. 31 Stock Dividends 390,000 Stock Dividends Distributable Paid-In Capital in Excess of Par-Common Stock 300,000 90,000 = 7,500 x 40 = 7,500 x (52-40) Dec. 31 Cash Dividends Payable 34,500 Cash 34,500 Dec. 31 Stock Dividends Distributable Common Stock 300,000 300,000