One of the interesting facts about cash dividends is that will reduce the total assets and total equity, but stock dividends do not alter either the total assets or the total equity. On March 27th this year, Creekview Corporation has 5,000,000 shares of $10 common stock outstanding. Today the stock is being traded for $11 per share. Determine how many new shares are issued and then prepare the necessary journal entry assuming Creekview declares a 6% stock dividend. Hint: small stock dividends (<25%) are capitalized using the stock's market value on the declaration day. Accounts Title Debit Credit Dividend Declared Common Stock Additional Paid in Common Stock