Application Problem 11-8A a-b (Part Level Submission) On December 31, 2020, Talbot Corporation's common shares had a market price of $20 per share before any stock dividend or split, and the shareholders' equity section of the balance sheet appeared as follows: Common shares: unlimited shares authorized, 49,000 shares issued and outstanding Retained earnings Total shareholders' equity $908,900 1,522,000 $2,430,900 On December 31, 2020, the board of directors of Talbot Corporation declared a 20% stock dividend. On January 15, 2021, the new shares were issued. (a) Your answer is correct. Prepare the journal entries to record the stock dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Date 2020 Dec. 31 V stock Dividends Declared T 196000 Stock Dividends Issuable | 196000 2021 Jan. 15 Stock Dividends Issuable Common Shares SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Attempts: 2 of 3 used (b) x Your answer is incorrect. Try again. Determine the balance in Retained Earnings after the stock dividend. Retained earnings after the stock dividend $ SHOW LIST OF ACCOUNTS LINK TO TEXT