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On January $1,2027,$ Sandhill Corporation had $$1,125,000$ of common stock outstanding that was issued at par. It also had retained earnings of $$750,000.$ The company issued $40,500$ shares of common stock at par on July $1$ and earned net income of $$395,000$ for the year.

Journalize the declaration of a $15\%$ stock dividend on December $10,2027,$ for the following independent assumptions. $($Credit account titles are automatically indented when 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.$)$

a$.$ Par value is $$10,$ and market price is $$18.$

b$.$ Par value is $$5,$ and market price is $$20.$

No$.$ Account Titles and Explanation

a$.$ Common Stock Dividends

Common Stock Dividends Distributable

Paid$-$in Capital in Excess of Par$-$Common Stock

b$.$ Common Stock Dividends Distributable

Common Stock Dividends Distributable

Paid$-$in Capital in Excess of Par$-$Common Stock $$

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