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Cornerstone Exercise 10-32 (Algorithmic) Cash Dividends King Tut Corporation issued 6,700 shares of common stock, all of the same class; 3,500 shares are outstanding ano 3,200 shares are held as treasury stock. On December 1, 2019, King Tut's board of directors declares a cash dividend of $1.75 per share payabie on December 15 , 2019, to stocikholders of record on December 10, 2019. Required: Prepare the appropriate joumal entries for the (a) date of declaration, (b) date of record, and (c) date of payment, If no entry is required, choose "No entry required" and leave the amount boxes blank. Fesebach reheck My wor Oividends are generally paid cut of retained eamings. Dividends becomv an obligation to the compony on the date of deciaration. Cornerstone Exercise 10-34 (Algorithmic) Stock Dividend Bower Corporation reported the following information: common stock, $1 par, 100,000 shares outhorized; 43,000 sheres issued and oustanding. Required: 1. What is the appropriate journal entry to record a 10% stock dividend if the market price of the common stock is $30 per share when the dividend is dedared? 2. What is the appropriate journal entry to record a 30% stock dividend if the market price of the common stock is $30 per share when the dividend is declared? (Record large stock dividend) 3. How do these transactions affect Bower's total stockholders' equity? Total stockholders' equity is by these transactions