1 Required information [The following information applies to the questions displayed below.] On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Cotmon stock- $10 par value, 120,000 shares authorized, 74,000 shares issued and outstanding paid-in capital in excess of par value, common stock Retoined earnings Total stockholders' equity Required: (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Complete this question by entering your answers in the tabs below. Required 2 Prepare the updated stockholders' equity ection after the distribution is made. SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet Required: (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Complete this question by entering your answers in the tabs below. Required 1 Prepare the updated stockholders' equity section after the distribution is made. Common stock-\$10 par value, 120,000 shares authorized, 74,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $740,000 320,000 720,000 $1,780,000 Required: (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of shares outstanding after the distribution is made. Number of common shares outstanding