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Mar. 24 The board of directors of New Town, Inc. declared a stock split that...

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Accounting

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. 26 Declared a dividend of $1.75 per share on the outstanding shares of common stock. Apr. 5 Paid the dividend declared on March 26. Nov. 1 Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $25). Dec. 1 Issued the certificates for the common stock dividend declared on November 1. Required: Journalize the above selected transactions completed during the current fiscal year. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

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