Prepare Entries to Record the Following Selected Transactions Completed During $\quad$

Essay

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.
$\quad$ 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.
$\quad$ 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.