On January $1,2022,$ Oriole Corporation had $$1,160,000$ of common stock outstanding that was issued at par. It also had retained

earnings of $$747,500.$ The company issued $37,500$ shares of common stock at par on July $1$ and earned net income of $$410,000$ for the

year.

Journalize the declaration of a $15\%$ stock dividend on December $10,2022,$ 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 $0$ for the amounts.$)$

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

b$.$ Par value is $$5,$ and market price is $$22.$

No$.$ Account Titles and Explanation

Debit

Stock Dividends

Common Stock Dividends Distributable

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

b$.$ Stock Dividends

Common Stock Dividends Distributable

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

Credit

a$.$

Stock Dividends

Commonstock Dividends Distributable

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

Common Stock Dividends Distributable

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