169 Journalize the Following Selected Transactions Completed During the Current Fiscal

question 148

Essay

169. 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 $100 to $20. This action increased the number of outstanding shares to 500,000.


26 Declared a dividend of $1.75 per share on the outstanding shares of common stock.


Apr. 5 Paid the dividend declared on March 26.


Nov. 1 Declared a 5% stock dividend on the common stock outstanding the fair market value of the stock to be issued is $25.


Dec. 1 Issued the certificates for the common stock dividend declared on November 1.

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Definitions:

Democratization of America

The process by which America has pursued the expansion of democracy through its history, including extending voting rights to different groups.

Reform Movements

Social or political movements aimed at making gradual improvements or changes in society, often focused on issues like civil rights, gender equality, or environmental protection.

Mid-19th Century

The period approximately between 1830 to 1870, marked by significant industrial, social, and political changes in many parts of the world.

American Culture

Refers to the set of customs, traditions, and values of the people living in the United States.