15 Declared a 50.50 cash dividend prkdsof recoad on Jamary .15 Paid the dividend declared in Janary S1, payable Febnuary IS Name: Date 1. On November 1, 2018, Nate Corporation's stockholders equity section is as follows Common stock, $10 par value Paid-in capital in excess of par Retained earnings Total stockholders' equity 5600,000 180,000 200,000 5920.000 On November 1, Nate declares and distributes a 15% stock dividend when the market value of the stock is $14 per share. Instructions Indicate the balances in the stockholders' equity accounts after the stock dividend been distributed. has 2. On November 27, the board of directors of Armstrong Company declared a S.50 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Armstrong has 25,500 shares of $1 par common stock outstanding at November 27. Journalize the entries needed on the declaration and payment dates. 3. The balance in retained earnings on January 1, 2018, for Booker Inc., was $625,000. During the year, the corporation paid cash dividends of $70,000 and distributed a stock dividend of $25,000. Net income for 2018 was $120,000. Instructions Prepare the retained earnings statement for 2018