2) (35 Points) Shaw Corporation reported stockholders' equity on December 31 of the prior year as follows: Common stock, 55 par value, 1,000,000 shares authorized, 500,000 shares issued. .. .. .. t.2,500,00l Paid-in capital in excess of par, common stock. ,, 1,000,000 Retained earnings ..................................... ,000,000 The following selected transactions occurred during the current year: e board of directors declared a 5% stock dividend to stockholders of | ecord on March 1, payable March 20. The stock was selling for $8 per Feb, 15 hare. -Ilistrihuted the stock dividend. ' cash dividend of $0.30 per share was declared by the board of directors May 1 o stockholders of record on May 20, payable June 1, -I'aid the cash dividend. Prepare journal entries for the above transactions. DATE GENERAL JOURNAL DEBIT CREDIT