Ruby Red Corp. stockholder's equity section of the balance sheet looks like this on July $30$ :

$\backslash$table$[[$Stockholders Equity:,,$],[$Common Stock, $$2$ par, $225,000$ shares authorized,,$$140,000,],[70,000$ shares issued and outstanding,$650,000,],[$Paid in Capital in excess of Par Value, Common Stock,$$790,000,],[$Total Paid in Capital,$560,000,],[$Retained$,$$$1,350,000,],[$Total Stockholder's Equity,,$]]$

a$)$Prepare the journal entry to record a $8\%$ stock dividend declared and distributed on July $31$ when the market rate was $$22$ per share.

$\backslash$table$[[,],[$July $31,$Retained Earnings$],[,$Common Stock, $$2$ par value$],[,$Paid in Capital in Excess of Par Value, Common Stock$]]$

Hint: Record credited accounts in alphabetical order.

b$)$ Post the entries to the T$-$accounts provided.

Hint: Make sure to enter the beginning balances from the Stockholder's Equity section above. I have entered the beginning balance for Common Stock for you.

c$)$ Show how the stockholder's equity section of the balance sheet will look after this transaction.

Stockholders Equity:

Common Stock, $$2$ par, $225,000$ shares authorized, shares issued and outstanding

Paid in Capital in excess of Par Value, Common Stock Total Paid in Capital

Retained Earnings

Total Stockholder's Equity

Paid in Capital in Excess of

Par Value, Common Stock

$\backslash$table$[[,,],[,,],[,,]]$