Share
Explore BrainMass

Journalizing stockholders' equity transactions

**********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***************

Attachments

Solution Summary

The solution explains the journal entries for the given equity transactions

$2.19