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, type $"$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 $$52$ to $$26$ per share. After the split, there were $141,000$ common shares outstanding.

Jan. $8$

No Entry Required

$0$

No Entry Required

$0$

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Feedback

Review the effect of stock splits on equity accounts.

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Apr. $30.$ Declared semiannual dividends of $$1\mathrm{.}00$ on $10,000$ shares of preferred stock and $$0\mathrm{.}06$ on the common stock payable on July $1.$

Apr. $30$

Cash Dividends

$18,460$

Cash Dividends Payable

$18,460$

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Feedback

When a company declares a dividend it becomes legally binding.

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July $1.$ Paid the cash dividends.

July $1$

Cash Dividends Payable

$18,460$

Cash

$18,460$