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The shareholders' equity for Masterpiece Cinemas Ltd. (MC) (adapted) at December 31, 2019, appears as follows (Click the icon to view the shareholders' equity.) On April 15, 2020, the market price of MC common shares was $22 per share. Assume MC declared a 12% stock dividend on this date and distributed the dividend on April 30 Requirements Requirement 1. Journalize the declaration and distribution of the stock dividend (Record debits first, then credits. Explanations are not required) First record the journal entry for the declaration of the stock dividend on April 15, 2020. Journal Entry Date Accounts Debit Credit 1.320.000 Apr 15. Retained Earnings Stock Dividends Distributable 1.320 000 Choose from any list or enter any number in the input fields and then click Check Answer Shareholders' Equity Common shares, 2,000,000 shares authorized, 500,000 shares outstanding $ 1,500,000 7,400.000 Retained earnings $ 8.900.000 Total shareholders equity IH Requirements 1. Journalize the declaration and distribution of the stock dividend. 2. Prepare the shareholders' equity section of the balance sheet after the stock dividend. 3. Why is total shareholders' equity unchanged by the stock dividend? 4. Suppose MC had a cash balance of $540,000 on April 16, 2020. What is the maximum amount of cash dividends MC can declare? Print Done Accounts Debit Credit 30|| Stock Dividends Distributable 1,320,000 Common Shares 1 320.000 Requirement 2. Prepare the shareholders' equity section of the balance sheet after the stock Shareholders' Equity Shareholders' equity: Common shares, 2,000,000 shares authorized 560.000 shares issued and outstanding Retained earnings 8900000 Total shareholders' equity Choose from any list or enter any number in the input fields and then click Check Answe Clear All 2 parts remaining