Problem 1: Journalize the following selected transactions completed during the current fiscal year Mar 4 The board of directors of New Town, Inc, declared a stock split that reduced the par of common shares from $20 to $4. This action increased the number of outstanding shares to 300.000 Peclared a dividend of $0.55 per share on the outstanding shares of common stock Apr. sPaid the dividend declared on March 26. Nov Declared a 10% stock dividend on the common stock outstanding (the fair market value 1 of the stock to be issued is $9) ssued the certificates for the common stock dividend declared on November 1. 19 Purchased 300 shares of Treasury Stock at $ 7 per share. Peclared a dividend to Common Stock shareholders of S.50 per share on Common Stock outstanding. Journal DATE EXPLANATION DEBIT CREDIT