Exercise 14-07 (Video) Before preparing financial statements for the current year, the chief accountant for Oriole Company discovered the following errors in the accounts. The declaration and payment of $47,000 cash dividend was recorded as a debit to Interest Expense 547,000 and a credit to Cash $47.000 2 A 10% stock dividend (1,100 shares) was declared on the $10 par value stock when the market price per share was $19. The only entry made was Stock Dividends (Dr.) 11,000 and Dividend Payable (CC) $11,000. The shares have not been issued. 3 A 4-for-1 stock split involving the issue of 354,000 shares of $par value common stock for 38,500 shares of $20 par value com hon stock was recorded as a debit to retained Earrings $1,770,000 and a credit to Common Stock $1,770,000 Prepare the correcting entries at December 31. (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 for the amounts.) Na. Account Titles and Explanation Debit Credit Date 1 Dec. 31