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
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