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Question
Journalize the following selected transactions completed during the current fiscal year:
| Mar. 24 | The board of directors of New Town, Inc., declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. |
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| 26 | Declared a dividend of $1.75 per share on the outstanding shares of common stock. |
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| Apr. 5 | Paid the dividend declared on March 26. |
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| Nov. 1 | Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $25). |
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| Dec. 1 | Issued the certificates for the common stock dividend declared on November 1. |
Answer
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