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Feb. 1 The board of directors declared a stock split which reduced the par of...

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Accounting

Feb. 1 The board of directors declared a stock split which reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000.
11 Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost.
May 1 Declared a dividend of $2.50 per share on the outstanding shares of common stock.
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).
Nov. 12

Issued the certificates for the common stock dividend declared on October 19.

Prepare entries to record each of the 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.

PAGE 1

JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

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11

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