12) ABSD INC.'s B.O.D's approved issuance of 5,000,000 share of $50 par value common stock. Currently 4,200,000 shares are outstanding. Current stock price is $60 A 4% stock dividend is declared on March 1, 2020 and paid two months later. Show journal entries required to record declaration and payment of distribution. Stock Dividend 10,080,000 Stock Dividend Distributable 8,400,000 PIC 1,680,000 Stock Dividend Distributable 8,400,000 1 Common Stock 8,400,000