Lancaster Travel Ltd. is authorized to issue 725,000 common shares. As of December 31, 2019, the company had issued 78,000 shares at $8.00 per share and its Retained Earnings balance was $265,000. During 2020, the following transactions took place 10 Declared a 15 percent stock dividend, using the market value of $4.50 per share. 20 Distributed the stock dividend. Aug 5 Declared a 50.85 per share cash dividend. Date of record is August 21. Sep Paid the cash dividend declared on August 5. Required Jun Jul 15 Requirement 1. Journalize the declaration and distribution of the stock dividend Begin by journalizing the declaration of the stock dividend (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Jun 10 1. Journalize the declaration and distribution of the stock dividend. 2. Journalize the declaration and payment of the cash dividend. 3. Prepare the shareholders' equity section of the balance sheet on August 5, 2020