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 $30 to $7. This action increased the number of outstanding shares to 400,000 26 Declared a dividend of $0.80 per share on the outstanding shares of common stock. Apr. 5 Paid the dividend declared on March 26. Nov 1 Declared a 10% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $15). Dec. 1 Issued the certificates for the common stock dividend declared on November 1 15Purchased 250 shares of Treasury Stock at $10 per share 2 Declared a dividend to Common Stock shareholders of $ 50 per share on Common Stock outstanding