Question
In: Accounting
1. Selected transactions for Green iguana Inc. during current fiscal year as follows: - Jan.20 Split...
1. Selected transactions for Green iguana Inc. during current fiscal year as follows:
- Jan.20 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 600,000 common shares outstanding.
- Apr. 1 Purchased 30,000 shares of the corporation’s own common stock at $27, recording the stock at cost.
- May 1 Declared semiannual dividends of $.80 on 25,000 shares of preferred of preferred stock and $0.18 on the common stock to stockholders of record on May 20, payable on June 1.
- June 1 Paid the cash dividends.
- Aug 7 Sold 22,000 shares of treasury stock at $34, receiving cash.
- Nov 15 Declared semiannual dividends of $.80 on the preferred stock and $0.20 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair value of the common stock, which is estimated at $40.
- Dec 15 Paid the cash dividends and issued the certificates for stock dividend.
Instructions: Journalize the transactions (30 points).
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common stock 3 for 1 and
reduced the par from $75 to $25 per share. After the split, there
were 1,279,500 common shares outstanding.
Mar.
10.
Purchased 39,200 shares of the
corporation’s own common stock at $27, recording the stock at
cost.
Apr.
30.
Declared semiannual dividends of
$0.90 on 75,000 shares of preferred stock and $0.15 on the common
stock...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common
stock 4 for 1 and reduced the par from $20 to $5 per share. After
the split, there were 4,000,000 common shares outstanding.
Mar.
10.
Purchased 100,000
shares of the corporation’s own common stock at $30, recording the
stock at cost.
Apr.
30.
Declared semiannual
dividends of $0.25 on 30,000 shares of preferred stock and $0.08 on
the common stock...
Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by Primo Discount Corporation
during the current fiscal year are as follows:
Jan.
9
Split the common stock 3 for 1 and
reduced the par from $75 to $25 per share. After the split, there
were 1,170,000 common shares outstanding.
Feb.
28
Purchased 39,000 shares of the
corporation’s own common stock at $28, recording the stock at
cost.
May
1
Declared semiannual dividends of
$0.85 on 72,300 shares of preferred stock and $0.10 on the common
stock...
Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by Primo Discount Corporation
during the current fiscal year are as follows:
Jan.
9
Split the common
stock 3 for 1 and reduced the par from $75 to $25 per share. After
the split, there were 1,200,000 common shares outstanding.
Feb.
28
Purchased 40,000
shares of the corporation’s own common stock at $28, recording the
stock at cost.
May
1
Declared semiannual
dividends of $0.80 per share on 75,000 shares of preferred stock
and $0.12 per share...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common stock 3 for 1 and reduced the par from $75 to
$25 per share. After the split, there were 1,150,500 common shares
outstanding.
Mar.
10.
Purchased 41,400 shares of the corporation’s own common stock
at $28, recording the stock at cost.
Apr.
30.
Declared semiannual dividends of $0.80 on 74,100 shares of
preferred stock and $0.12 on the common stock...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows: Jan. 5. Split the
common stock 3 for 1 and reduced the par from $75 to $25 per share.
After the split, there were 1,150,500 common shares outstanding.
Mar. 10. Purchased 41,400 shares of the corporation’s own common
stock at $28, recording the stock at cost. Apr. 30. Declared
semiannual dividends of $0.80 on 74,100 shares of preferred stock
and $0.12 on the common stock...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common stock 4 for 1 and
reduced the par from $20 to $5 per share. After the split, there
were 4,000,000 common shares outstanding.
Mar.
10.
Purchased 100,000 shares of the
corporation’s own common stock at $30, recording the stock at
cost.
Apr.
30.
Declared semiannual dividends of
$0.25 on 30,000 shares of preferred stock and $0.08 on the common
stock...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common stock 3 for 1 and reduced the par from $75 to
$25 per share. After the split, there were 1,275,000 common shares
outstanding.
Mar.
10.
Purchased 41,300 shares of the corporation’s own common stock
at $29, recording the stock at cost.
Apr.
30.
Declared semiannual dividends of $0.75 on 70,400 shares of
preferred stock and $0.11 on the common stock...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common
stock 3 for 1 and reduced the par from $75 to $25 per share. After
the split, there were 1,170,000 common shares outstanding.
Mar.
10.
Purchased 39,000
shares of the corporation’s own common stock at $28, recording the
stock at cost.
Apr.
30.
Declared semiannual
dividends of $0.85 on 72,300 shares of preferred stock and $0.10 on
the common stock...
Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by Primo Discount Corporation
during the current fiscal year are as follows:
Jan.
9
Split the common stock 3 for 1 and
reduced the par from $75 to $25 per share. After the split, there
were 1,150,500 common shares outstanding.
Feb.
28
Purchased 41,400 shares of the
corporation’s own common stock at $28, recording the stock at
cost.
May
1
Declared semiannual dividends of
$0.80 on 74,100 shares of preferred stock and $0.12 on the common
stock...
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