Before preparing financial statements for the current year, the chief accountant for Sandhill Ltd$.$ provided the following information

regarding the accounting for dividends and stock splits:

Sandhill has $18,400,$$$4$ noncumulative preferred shares issued. It paid the preferred shareholders the quarterly dividend, anc

recorded it as a debit to Dividends Expense and a credit to Cash.

A $5\%$ stock dividend of the current $18,400$ outstanding common shares was declared when the fair value per share was $$13.$

To record the declaration, Retained Earnings was debited and Dividends Payable was credited. The shares have not been

issued yet.

The company declared a $2-$for$-1$ stock split on its $18,400,$$$4$ noncumulative preferred shares. The average per share amount

of the preferred shares before the split was $$70.$ The split was recorded as a debit to Retained Earnings of $$1,288,000$ and a

credit to Preferred Shares of $$1,288,000.$

Determine if each of the above transactions was recorded correctly and, if not, prepare the correct entry. $($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