Journalizing stockholders equity transactions. Airborne Manufacturing Co. complete the following transactions during 2009
Jan 16- Declared a cash dividend on the 4%, $102 par preferred 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.
Feb15- Paid the cash dividends
June 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 25% stock dividend on the common stock. The market value of the common stock was $10 per share