Current Attempt in Progress

Skysong Corporation has outstanding $385,000$ shares of $$10$ par value common stock The corporation declares a $10\%$ stock dividend when the fain value of the stock is $$70$ pen share.

Prepare the journal entries for $5$ kysong Corporation for both the date of declaration and the date of distribution. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter Ofor the amounts$)$

Account Titles and Explanation

Debit

Credit

Declaration Date

Retsined Earnings

Common Stock

Paid$-$in Capital in Excess of Par$-$commonstock

Distribution Date

Common Stock Dividend Distributable

Commonstock