Question: PROBLEM 2 Journalize the following selected transactions completed during the current fiscal year: Jan. 3 The board of directors reduced the par of ordinary shares

PROBLEM 2

Journalize the following selected transactions completed during the current fiscal year:

Jan. 3

The board of directors reduced the par of ordinary shares from P100 to P20. This action increased the number of outstanding shares to 400,000.

22

Declared a dividend of P2.00 per share on the outstanding shares of ordinaryshare.

Feb. 8

Paid the dividend declared on January 22.

Sep. 1

Declared a 5% share dividend on the ordinary share outstanding (the fair market value of the share to be issued is P30).

Oct. 1

Issued the certificates for the ordinary share dividend declared on

September 1.

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