A corporation declared and distributed the two different stock dividends, one at 10% of the shares outstanding and the other at 40% of the shares outstanding. Below is shown the fair value and the par value of the stock on declaration date. Size of Stock Dividend at Stock's Stock's Declaration Date Fair Value Par Value $25,000 55,000 $15,000 47,500 10% 40% What is the total amount that should be debited to retained earnings for these two stock dividends? $70,000 $80,000 $72,500 $62,500 On August 15, a corporation's board of directors declared a 10% stock dividend on the corporation's 3,000 outstanding shares of $1 par value common stock. The market price of the corporation's stock is $12 per share on August 15. Which of the following is the correct journal entry on August 15th? RETAINED EARNINGS CS TO BE DISTRIBUTED 3,600 3,600 RETAINED EARNINGS 3,600 COMMON STOCK 3,600 RETAINED EARNINGS 3,600 COMMON STOCK 300 APIC CS 3,300 RETAINED EARNINGS CS TO BE DISTRIBUTED APIC - CS 3,600 300 3,300