Entries for stock dividends Life reported no income or loss for the current year.

If no entry is required, select $"$No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

a$1.$ Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value.

Stock Dividends $$

Stock Dividends Distributable $$

Paid$-$In Capital in Excess of Par$-$Common Stock $$

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a$1.$ Recall that a stock dividend affects only stockholders' equity.

a$2.$ Journalize the entry to record the issuance of the stock certificates.

b$.$ Determine the following amounts before the stock dividend was declared: $(1)$ total paid$-$in capital, $(2)$ total retained earnings, and $(3)$ total stockholders' equity.

Total paid$-$in capital

Total retained earnings

Total stockholders' equity Total paid$-$in capital

Total retained eamings

Total stockholders' equity