Knowledge Check 01 Appaloosa Corporation had 100,000 shares of $2 par value common stock issued and outstanding. On January 1, the company's board of directors declares a 50% stock dividend. The market price of the company's stock is $10 per share on January 1. Prepare the necessary journal entry for January 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No General Journal Credit Date January 01 Debit 200,000 1 Retained earnings Common stock 40,000