Identifying and Analyzing Financial Statement Effects of Dividends (FSET) The stockholders' equity of Palepu Company at December 31, 2021, appears below. Common stock, $10 par value, 300,000 shares authorized; Shares issued and outstanding (1) Paid-in capital in excess of par value Retained earnings (1) 120,000 shares at $10 par value. During 2022, the following transactions occurred: $1,200,000 720,000 450,000 May 12 Declared and issued a 7% stock dividend; the common stock market value was $18 per share. Dec. 31 Declared and paid a cash dividend of 75 cents per share. Using the financial statement effects template, illustrate the effects of these transactions. NOTE: Use negative signs with your answers, when appropriate. NOTE: Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction Balance Sheet Cash Asset Noncash + Assets = Liabilities + 0 Contributed Capital x Declared and issued stock dividend. Compensation expense Declared and paid cash dividend. (95,300) Cash = Cash Earned Capital Revenue - 0 x (151,200) Common stock Retained earnings 0 x * * Retained earnings Income Statement Net Income Expenses Preferred stock (96,300) 0 x Compensation expense Common stock