Absolute Company has outstanding 850,000 shares of $2 par value common stock. The corporation declares a 6% stock dividend when the fair value of the stock is $42 per share. Prepare the journal entries for Absolute Company for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Declaration Retained Earnings 1020000 Date Pald-in Capital in Excess of Par. Common Stock I Common Stock Dividend Distributable Distribution Date Common Stock Dividend Distributable Common Stock e Textbook and Media