Exercise E Grant Corporation's stockhoiders' equity consisted of 60,000 authorized shares of 530 par value common stock, of which 30,000 shares had been ksued at par, and retained eamings of \$ 750,000. The company then split its stock, two for one, by changing the par value of the old shares and issuing new $ 15 par shares. 1. Give the required journal entry to record the stock split. 2. Suppose instead that the company declared and later issued a 10 per cent stock dividend. Give the required joumal entries, assuming that the market value on the date of declaration was $40 per share