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    Journalizing stockholders' equity transactions

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    **********PLEASE SHOW ALL CALCULATIONS***************

    Airborne Manufactujring, Co., completed the following transactions during 2009:

    Jan 16-
    Declared a cash dividend on the 4%, $102 par prefferred stock (1,050 shares outstanding). Declared a $0.55 per share dividend on the 95,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15.

    Feb 15-
    Paid the cash dividends

    Jun 10-
    Split common stock 2 for 1. Before the split, Airborne had 95,000 shares of $10 par common stock outstanding.

    Jul 30-
    Distributed a 15% stock dividend on the common stock. The market value of the common stock was $10 per share.

    Oct 26-
    Purchased 3,000 shares of treasury stock at $15 per share

    Nov 8-
    Sold 1,500 shares of treasury stock for $20 per share

    Nov 30-
    Sold 1,500 shares of treasury stock for $9 per share

    **********PLEASE SHOW ALL CALCULATIONS***************

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    Solution Summary

    The solution explains the journal entries for the given equity transactions