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