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Journalize the transactions. If no entry is required, select "No entry required" and leave the...

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Accounting

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 72,000 common shares outstanding.

Jan. 8. Common Stock
Paid-In Capital in Excess of Par-Common Stock

Apr. 30. Declared semiannual dividends of $1.40 on 5,000 shares of preferred stock and $0.08 on the common stock payable on July 1.

Apr. 30.

July 1. Paid the cash dividends.

July 1.

Oct. 31. Declared semiannual dividends of $1.40 on the preferred stock and $0.05 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.

Cash Dividends
Stock dividends

Dec. 15. Paid the cash dividends and issued the certificates for the common stock dividend.

Payment
Issuance

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