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).

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ekkarill92 answered 6 months ago

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