Large Stock Dividend and Forward Stock Split Low Corporation has 50,000 shares of $40 par value common stock outstanding and retained earnings of $1,500,000. The company declares a 100 percent stock dividend. The market price at the declaration date is $40 per share. a. Prepare the journal entries for (1) the declaration of the dividend and (2) the issuance of the dividend. Credit Debit 0 x 0x General Journal Ref. Description (1) Stock dividends Stock dividend distributable Declared 10096 stock dividend. (2) Stock dividend distributable . Common stock Issued stock for 100% stock dividend. 0 x 0 x