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Application Problem 11-8B a-b (Part Level Submission) On October 1, 2020, the board of directors of Tecumseh Corporation declared a 20% stock dividend. On the declaration date, there were 56,000 common shares issued and outstanding. The fair market value of the shares on October 1, 2020, was $132 per share. The stock dividend was distributed on October 31, 2020, to shareholders of record on October 15, 2020. (a) Prepare the journal entries required to record the stock dividend. (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 enter o for the amounts.) Account Titles and Explanation Debit Date 2020 Credit 2021 Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER Application Problem 11-8B a-b (Part Level Submission) On October 1, 2020, the board of directors of Tecumseh Corporation declared a 20% stock dividend. On the declaration date, there were 66,000 common shares issued and outstanding. The fair market value of the shares on October 1, 2020, was $132 per share. The stock dividend was distributed on October 31, 2020, to shareholders of record on October 15, 2020. (a) Prepare the journal entries required to record the stock dividend. (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 enter o for the amounts.) Account Titles and Explanation Debit Credit Date 2020 2021 Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER Application Problem 11-8B a-b (Part Level Submission) On October 1, 2020, the board of directors of Tecumseh Corporation declared a 20% stock dividend. On the declaration date, there were 56,000 common shares issued and outstanding. The fair market value of the shares on October 1, 2020, was $132 per share. The stock dividend was distributed on October 31, 2020, to shareholders of record on October 15, 2020. (a) Prepare the journal entries required to record the stock dividend. (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 enter o for the amounts.) Account Titles and Explanation Debit Date 2020 Credit 2021 Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER Application Problem 11-8B a-b (Part Level Submission) On October 1, 2020, the board of directors of Tecumseh Corporation declared a 20% stock dividend. On the declaration date, there were 66,000 common shares issued and outstanding. The fair market value of the shares on October 1, 2020, was $132 per share. The stock dividend was distributed on October 31, 2020, to shareholders of record on October 15, 2020. (a) Prepare the journal entries required to record the stock dividend. (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 enter o for the amounts.) Account Titles and Explanation Debit Credit Date 2020 2021 Attempts: 0 of 1 used