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Question
Journalize the following selected transactions completed during the current fiscal year:
| Feb. 1 | The board of directors 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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| 11 | Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost. |
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| May 1 | Declared a dividend of $2.50 per share on the outstanding shares of common stock. |
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| 15 | Paid the dividend declared on May 1. |
| Oct. 19 | Declared a 2% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $55). |
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| Nov. 12 | Issued the certificates for the common stock dividend declared on October 19. |
Answer
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