Agro Pen Company is authorized to issue 500,000 shares of $1 par common stock. The company issued 80,000 shares at $4 per share, and all 80,000 shares are outstanding. When the market price of common stock was $5 per share, Agro Pen distributed a 10% stock dividend. Later, Agro Pen declared and paid a $0.50 per share cash dividend. Required I. State the journal entries made to record the original issue of the 80,000 shares at $4.00 each. (2 marks) II. Journalize the distribution of the stock dividend. (3 marks) III. Journalize both the declaration and the payment of the cash dividend. (4 marks)