Distributed the stock dividend

After looking into debt financing through notes, mortgage, and bonds payable, Canyon Canoe Company decides to raise additional capital for a planned business expansion. The company will be able to acquire cash as well as land ad acent t its crrent business location. Before the following transactions, the balance in Common Stock on January 1, 2021 was $136,000 and included 136,000 shares of common stock issued and outstanding. (There was no Paid-In Capital in Excess Par-Common.) Canyon 1 (Cick the icon to view the transactions.) Canoe Compa ny had the following transactions in 2021 Read the requirements. Requirement1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Issued 50,000 shares of $1 par value common stock for a total of $200,000. Date Accounts and Explanation Debit Credit Jan. 1 Cash 200,000 Common Stock-$1 Par Value 50,000 150,000 Paid-In Capital in Excess of Par Common Issued common stock at a premium Jan 10: Issued 20,000 shares of 4%, $3 par value preferred stock in exchange for land with a market value of $70,000. Date Accounts and Explanation Debit Credit Jan. 10 Land 0,000 Preferred Stock-$3 Par Value 60,000 Paid-In Capital in Excess of Par-Preferred 10,000 Dec. 31: Distributed the stock dividend. Debit Credit Date Accounts and Explanation Dec. 31 More Info Jan. 1 Issued 50,000 shares of $1 par value common stock for a total of $200,000. Issued 20,000 shares of 4%, $3 par value preferred stock in exchange for land with a market value of $70,000. 10 Dec. 15 Declared total cash dividends of $15,000. 20 Declared an 8% common stock dividend when the market value of the stock was $4.50 per share. Paid the cash dividends. Distributed the stock dividend. 31 31