Analyzing and Identifying Financial Statement Effects of Stock Dividends Dutta Corp, has outstanding 80,000 shares of $8 par value common stock. At year-end, the company declares and issues a 5% common stock dividend when the market price of the stock is $24 per share. a. Using the financial statement effects template, illustrate the effects of this dividend declaration and payment. Use negative signs with answers when appropriate. When applicable, enter total amount for contributed capital. Income Statement Transaction Declaration and distribution of stock dividend Balance Sheet Cash Asset + Noncash Assets = Liabilities + Contrib. Capital + Earned Capital - Contra Equity + Revenues - Expenses = Net Income b. Prepare the journal entries for the stock dividend declaration and payment. General Journal Description Debit Credit Common stock c. Post the journal entries from b to the related T-accounts. Cash Common Stock Retained Earnings Additional Paid in Capital