Problem 1: Journalize the following selected transactions completed during the current fiscal year: ...
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Accounting
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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