Cash and Stock Dividends Debra Corporation has 78,000 shares of $1 par value common stock outstanding. The company has $650,000 of retained earnings. At year-end, the company declares a cash dividend of $2.00 per share and a eight percent stock dividend. The market price of the stock at the declaration date is $78 per share. Three weeks later, the company pays the dividends. a. Prepare the journal entry for the declaration of the cash dividend. b. Prepare the journal entry for the declaration of the stock dividend. c. Prepare the journal entry for the payment of the cash dividend. d. Prepare the journal entry for the payment of the stock dividend. General Journal Ref. Description Debit Credit a. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record declaration of cash dividend. b. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 Paid-in capital in excess of par value Answer 0 Answer 0 To record declaration of stock dividend. c. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 Paid cash dividend. d. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 Issued stock for stock dividend.