Journalize the following selected transactions completed during the current fiscal year:

Jan. 3 The board of directors reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 400,000.
22 Declared a dividend of $1.00 per share on the outstanding shares of common stock.
Feb. 8 Paid the dividend declared on January 22.
Sep. 1 Declared a 2% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $60).
Oct. 1 Issued the certificates for the common stock dividend declared on September 1

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Jan 3 - no entry
Jan 22 - Debit : Dividend 400,000.00
Credit: Dividends Payable 400,000.00
Feb 8 - Debit : Dividends Payable 400,000.00
Credit: Cash 400,000.00
Sept 1 - Debit : Retained Earnings 160,000.00
Credit: Stock dividends Payable 160,000.00
Oct 1 - Debit : Stock dividends Payable 160,000.00
Credit: Common Stock 160,000.00