eBook APP Question 1 Mot changed since last attempt Marked out of 2000 P Faget 0 Stock Dividends Litt Corporation has 216,000 shares of $24 par value common stock outstanding At year-end, the company declares a five percent stock dividend. The market price of the stock on the declaration date is 560 per share. Three weeks later, the company issues the shares of stock to stockholders a: Prepare the journal entry for the declaration of the stock dividend. b. Prepare the journal entry for the issuance of the stock dividend. L. Assume that the company declared a 50 percent stock dividend rather than a five percent stock dividend. Prepare the journal entries for (1) the declaration of the stock dividend and the Issuance of the stock dividend General Journal Description Debit Credit Stock didende o Stock dividend distributable 0 0 Paid in capital in excess of ow value 0 To record declaration of dock dividend Stock vend distributable Common stoc Issued common stock for stock dividend c) Stock dividends Stock dividend distributable To record dece of stock dividend co Stock dividend distribute . Common stock Issued common stock for stock vided 0 0 0 0 O O 0 0 OO