Question: Hudson High Rises declared a 10% stock dividend on July 1 to be distributed on August 1 to stockholders of record on July 15. On

Hudson High Rises declared a 10% stock dividend on July 1 to be distributed on August 1 to stockholders of record on July 15. On July 1, Hudson has 1,000,000 authorized shares and 250,000 outstanding shares. Hudson's $2 par stock is trading at $15 per share on July 1.
Required
a. Prepare all necessary journal entries to record the stock dividend.
b. Prepare all necessary journal entries to record the stock dividend, assuming the percentage was 30% instead of 10%.

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