Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Palepu Company at December 31, 2015, appears below. Common stock, $10 par value, 200.000 shares authorized 85,000 shares issued and outstanding Paid in capital in excess of par value Rmained camnings $850,000 400,000 315,000 During 2016, the following transactions occurred May 12 Declared and issued a % stock dividend, the common stock market value was $18 per share Dec. 11 Declared and paid a cash dividend of 75 cents per share a. Using the financial statement effects template, illustrate the effects of these transactions Use negative signs with answers when appropriate. When applicable, enter total amount for contributed capital. Income Statement Transaction Cash Asset Noncash Asset 5/12 Declared and issued stock dividend 12/31 Declared and paid cash dividend b. Prepare the journal entries for these transactions. General Journal Date Description Debit Credit 5/12 Common Stock 12/31 0 0 0 0 Post the journal entries from bo to the related T-accounts Cash (A) Balance Sheet Contrib Liabilities Capital + Earned Capital Revenues Expenses Net Income 0 0 0 Common Stock (SE) Retained Earnings (SE) Additional Paid-in Capital (SE)