Question: 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

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 $25 to $5. This action increased the number of outstanding shares to 400,000.

26

Declared a dividend of $0.75 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 $9).

Dec. 1

Issued the certificates for the common stock dividend declared on November 1.

Journal

Page YY

DATE

EXPLANATION

DEBIT

CREDIT

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