View the step-by-step solution to: PR 13-5A Entries for selected corporate transactions Selected

This question was answered on May 06, 2011. View the Answer
PR 13-5A
Entries for selected corporate transactions
Selected transactions completed by Oceano Boating Corporation during the current fiscal year are as follows:
Jan. 3. Split the common stock 2 for 1 and reduced the par from $50 to $25 per share. After the split, there were 400,000 common shares outstanding.
Feb. 20. Purchased 50,000 shares of the corporation’s own common stock at $32, recording the stock at cost.
May 1. Declared semiannual dividends of $0.80 on 30,000 shares of preferred stock and $0.14 on the common stock to stockholders of record on May 15, payable on June 1.
June 1. Paid the cash dividends.
Aug. 5. Sold 42,000 shares of treasury stock at $39, receiving cash.
Nov. 15. Declared semiannual dividends of $0.80 on the preferred stock and $0.15 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 $40.
Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend.
Journalize the transactions.
Sign up to view the entire interaction

Top Answer

PFA solution. [In case, if any... View the full answer


Oceano Boating Corporation
Journal Entries
Date Account Titles/Description Debits Credits 3-Jan No Journal entry required for stock split. But a note is required stating the ratio of split
and the...

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors and customizable flashcards—available anywhere, anytime.


Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access or to earn money with our Marketplace.

    Browse Documents
  • 890,990,898

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
  • 890,990,898


    Browse existing sets or create your own using our digital flashcard system. A simple yet effective studying tool to help you earn the grade that you want!

    Browse Flashcards