7. Light Touch, Inc. has 110,000 shares of $8 par common stock outstanding. On July 1, the board of directors declared two-for-one stock split. Prepare the memorandum entry in the general journal indicating the new par value and the number of outstanding shares of common stock. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit 8. Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be $150,000. Calculate estimated income tax payment per quarter and show one of the quarterly entries to pay the taxes. GENERAL JOURNAL Page 1 Post Ref. Dat Description Debit Credit As of December 31, 20--, Matrix Corporation had an actual tax liability of $150,200. Calculate the income tax due a make the necessary adjusting entry. GENERAL JOURNAL Page 1 Post Ref. Dat2 Description Debit Credit 3