2) (35 Points) Shaw Corporation reported stockholders' equity on December 31 of the prior year as follows: Common stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued...... $2,500,000 Paid-in capital in excess of par, common stock... 1,000,000 Retained earnings. 3,000,000 The following selected transactions occurred during the current year: The board of directors declared a 5% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $8 per Feb. 15 share. Mar. 9 Distributed the stock dividend. A cash dividend of $0.30 per share was declared by the board of directors May 1 to stockholders of record on May 20, payable June 1. June 1 Paid the cash dividend. Prepare journal entries for the above transactions. DATE GENERAL JOURNAL DEBIT CREDIT