As of December 31, 2010, Harris Dynamics, Inc., has 77,000 shares of $7 par value common stock issued and outstanding. The retained earnings balance was $255,000. On January 15, 2011, Harris Dynamics declared and issued a 4% stock dividend to its common shareholders. At the time of the dividend, the market value of the stock was $28 per share. Requirements 1. Show how the stock dividend would affect the accounting equation. Some of the account names will be abbreviated. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Shareholders' Equity = Assets Account Liabilities Account $ $ + Contributed Capital + Retained Earnings $ Account Account + $ 21,560 Common stock + $ (86,240) RE + 64,680 APIC - CS + + + 2. How many shares of stock are outstanding after the stock dividend? Harris Dynamics, Inc., will have 80080 shares of common stock issued and outstanding. 3. If you owned 5% of the outstanding common stock of Harris Dynamics, Inc., before the stock dividend, what is your percentage ownership after the stock dividend? Your percentage ownership after the stock dividend is %