Exercise 11-16 Your answer is partially correct. Try again. On January 1, 2017, Lenne Corporation had $1,200,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year Journalize the declaration of a 15% stock dividend on December 10, 2017, for the following two 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 0 for the amounts.) (a) Par value is $10 and market price is $15 (b) Par value is $5 and market price is $8 No. Account Titles and Explanation (a) Retained Earnings Debit Credit 337500 Common Stock Dividends Distributable 225000 Paid-in Capital in Excess of Par Value-Common Stock 112500 (b) Retained Earnings 2160000 Common Stock Dividends Distributable 1350000 Paid-in Capital in Excess of Par Value-Common Stock 810000