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Prepare entries to record the following selected transactions completed during the current fiscal year: Feb. 1 The board of directors declared a stock split which
Prepare entries to record the following selected transactions completed during the current fiscal year:
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. |
If no entry is required, select "No Entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Feb. 1 | |||
Feb. 11 | |||
May 1 | |||
May 15 | |||
Oct. 19 | |||
Nov. 12 | |||
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