STOCK DIVIDENDS AND STOCK SPLITS Lance Products’ balance sheet includes total assets of $320,000 and the following equity account balances at December 31, 2009:

Capital stock:
Common stock, $5 par, 20,000 shares issued and outstanding $100,000 Paid-in capital in excess of par 44,000 Total capital stock $144,000 Retained earnings 53,600 Total stockholders’ equity $197,600 Lance’s common stock is selling for $24 per share on December 31, 2009.
Required:
. How much would Lance Products have reported for total assets and retained earnings on December 31, 2009, if the firm had declared and paid a $10,000 cash dividend on December 31, 2009? Provide the journal entry for this cash dividend.
. How much would Lance have reported for total assets and retained earnings on December 31, 2009, if the firm had issued a 10 percent stock dividend on December 31, 2009? Provide the journal entry for this stock dividend.
. How much would Lance have reported for total assets and retained earnings on December 31, 2009, if the firm had effected a 2-for-1 stock split on December 31, 2009? Is a journal entry needed to record the stock split? Why or why not?