West Yellowstone Outfitters Corporation manufactures and

distributes leisure clothing Selected

West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing.Selected
transactions completed by West Yellowstone Outfitters during the current fiscal year are as
follows:Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share.
After the split, there were 800,000 common shares outstanding. Mar. 1. Declared semiannual
dividends of $0.25 on 100,000 shares of preferred stock and $0.07 on the 800,000 shares of
$30 par common stock to stockholders of record on March 31, payable on April 30.Apr. 30. Paid
the cash dividends.May 31. Purchased 60,000 shares of the corporation’s own common stock
at $32, recording the stock at cost.Aug. 17. Sold 40,000 shares of treasury stock at $38,
receiving cash.Sept. 1. Declared semiannual dividends of $0.25 on the preferred stock and
$0.09 on the common stock (before the stock dividend). In addition, a 1% common stock
dividend was declared on the common stock outstanding, to be capitalized at the fair market
value of the common stock, which is estimated at $40.Oct. 31. Paid the cash dividends and
issued the certificates for the common stock dividend.InstructionsJournalize the
transactions.View Solution:
West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing Selected
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