Tech Inc. issues a 5% common stock dividend on 140,000 shares of $1 par common stock issued and outstanding on August 1. The market price of its common stock is $20 per share. The small stock dividend will be distributed on August 15 to stockholders of record on August 7. Required a. Record the entry on (1) the date of declaration and (2) the date of distribution. b. Assume that of the 7,000 stock dividend shares, 6,160 were whole shares and the remaining were fractional shares making up 840 equivalent whole shares. The company's policy is to pay cash to shareholders for fractional shares. Record the entry on (1) the date of declaration and (2) the date of distribution.