chapter 10 (my lab) 2

The stockholders' equity section of the balance sheet for Rightwoll Corporation on October 10, 2022, follows: Click the icon to view the data.) On October 10, 2022, the market price of Rightwell common stock was $18 per sharo. Rightwol declared and distributed a 15% stock dividend on this dato. Read the requirements G Requirement 1. Journalize the declaration and distribution of the 15% stock dividend. (Record debits first, then credits. Exclude explanations from any journal entrios) Journal Entry Date Accounts Debit Credit October 10 - Data table $ Stockholders' Equity Common stock, $0.25 par, 2,800,000 shares authorized, 800,000 shares issued Paid-in capital in excess of parcommon Retained earnings Accumulated other comprehensive income (loss) 200,000 1,722,027 7,777,000 (205,000) $ 9,494,027 Total stockholders' equity Print Done x - X Requirements 1. Journalize the declaration and distribution of the stock dividend. 2. Prepare the stockholders' equity section of the balance sheet after the stock dividend. 3. Why is total stockholders' equity unchanged by the stock dividend? 4. Suppose Rightwell had a cash balance of $590,000 on October 11, 2022. What is the maximum amount of cash dividends the company can declare? Print Done