oestion Help * Ralston Sports Corporation completed the following selected trans

Question

oestion Help * Ralston Sports Corporation completed the following selected transactions during 2016 (Click the loon to view the transactions. 1. Record the transacions in the journal. (Record debits first, then credits Exclude explanations from any journal entries if no journal entry is requred select "No entry seener on Accounts column and leave all other cels blank) fest lin* of the Jan 6: Declared a cash dividend on the 10,000 shares of $3.00, no-par prefemred stock outstanding. Declared a $0.45 per share dividend on the 15,000 shares of common stock outstanding. The date of record is January 1 7, and the payment date January 20. Start by preparing the necessary entry on the date of declaration-Jauary 6. (Prepare a compound entry) Journal Entry Date Debit Jan6 Jan 20: Paid the cash dividends Journal Entry Credit Jan 20 Mar 21: Split common stock 2-for-1 by calling in the 15,000 shares of $12 par common stock and issuing new stock in its place Journal Entry Date Debit Mar 21 Apr 18: Declared and dstbuted a 20% stock dividend on the common stock. The maket value ofthe common stock was S34 per Journal Entry Apr 18 Jun 18: Purchased 800 shares of treasury common stock at $28 per share. Journal Entry Date Debit Jun 18 Dec 22 Sold 400 shares of treasury common stock for $34 per share. Choose from any list or enter any number in the input fields and then continue to the next question

Explanation / Answer

Journal Entries Date Accounting titles & explanations Debit Credit 6-Jan Retained earnings 36,750 Dividends payable-CS (15000*.45) 6750 Dividends payable-PS (10000*3) 30000 20-Jan Dividends payable-CS 6750 Dividends payable-PS 30000 cash 36750 21-Mar no entry 18-Apr Retained earnings (30000*20%*34) 204000 common stock div distributable(6000*6) 36000 paid in capital in excess of par 168000 18-Jun Treasury stock 22400 cash (800*28) 22,400 22-Dec cash (400*34) 13600 treasury stock (400*28) 11200 paid in capital in excess of par from TS 2400

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