Epic Inc. has 11,500 shares of $2 par value common stock outstanding. Epic declares a 20% stock dividend on July 1 when the stock's market value is $23 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend. View transaction list Journal entry worksheet 1 2 Record the declaration of a 20% stock dividend. Note: Enter debits before credits. Date General Journal July 01 Retained earnings Common stock dividend distributable Paid-in capital in excess of par value, common stock Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 Record the distribution of 20% stock dividend. Note: Enter debits before credits. Date July 20 General Journal Debit Credit Record entry Clear entry View general journal