7. On June 13, the board of directors of Siewert Inc. declared a 5% stock dividend on its 60 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $32 on June 13. Complete the below table to calculate the stock dividend. Prepare the journal entry to record the stock dividend.

Stock Dividend	?
Number of outstanding shares	?
Stock dividend percentage (%)	?
Number of shares to be issued	?
	?
Value of stock dividend	?

No	Event	General Journal	Credit	Debit
1	1	Retained earnings	?	?
		Common stock dividends distributable	?	?
		Paid in capital	?	?