Prepare Entries to Record the Following Selected Transactions Completed During

question 34

Essay

Prepare entries to record the following selected transactions completed during the current fiscal year:Feb. 1The board of directors declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000.??11Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost.??May 1Declared a dividend of $2.50 per share on the outstanding shares of common stock.??15Paid the dividend declared on May 1.Oct. 19Declared a 2% stock dividend on the common stock outstanding
(the fair market value of the stock to be issued is $55.)??Nov. 12Issued the certificates for the common stock dividend declared on October 19.?