Exercise 11-5 Stock dividends and splits LO P2 On June 30, Sharper Corporation's common stock is priced at $28.00 per share before any stock dividend or split, and the stockholders' equity section of its balance sheet appears as follows. Common stock-$6 par value, 60,000 shares authorized, 24,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 144,000 100,000 244,000 $ 488,000 1. Assume that the company declares and immediately distributes a 100% stock dividend. This event is recorded by capitalizing retained earnings equal to the stock's par value. a., b. & c. Complete the below table to calculate the retained earnings balance, total stockholders' equity and number of outstanding shares. 2. Assume that the company implements a 3-for-2 stock split instead of the stock dividend in part 1. a., b. & c. Complete the below table to calculate the retained earnings balance, total stockholders' equity and number of outstanding shares. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that the company implements a 3-for-2 stock split instead of the stock dividend in required 1. Complete the below table to calculate the retained earnings balance, total stockholders' equity and number of outstanding shares. Stock Split Impact of Stock Split After Stock Split Common stock Paid in capital in excess of par value Total contributed capital Retained earnings Total stockholders' equity Before Stock Split $ 144,000 100,000 244,000 244,000 $ 488,000 0 0 $ 0 $ Number of common shares outstanding 32,000