Declared a cash dividend. Dec. 20: Declared a 6% common stock dividend when the market value of the stock was $6.00 per share. Date Accounts and Explanation Dec. 20 Stock Dividends Common Stock Dividend Distributable Paid-In Capital in Excess of Par-Common Declared a 6% stock dividend. Dec. 31: Paid the cash dividends. Date Accounts and Explanation Debit Credit 90,000 30,000 60,000