3. 6 points A company has 400,000 shares of $10 par value common stock outstanding. On May 8, the board of directors declared a 10% stock dividend. The dividend is distributable on June 1, to shareholders of record on May 15. On the date of declaration, shares of the company's stock were trading for $25 per share. On June 1, the stock was trading for $27 per share. Prepare the journal entries to record the transactions described above. 4. 7 points At the beginning of the year, a company had Assets of $300,000 and Liabilities of $130,000. During the year, the company earned $90,000 in revenues, incurred $60,000 of expenses and paid a dividend of $20,000. The company issued 30,000 shares of its common stock for $70,000. Liabilities at the end of the year totaled $220,000. Determine the year-end balance of Assets for the company