Maritime Travel Ltd is authorized to issue 725,000 common shares. As of December 31, 2019, the company had issued 73,000 shares at $7.50 per share and its Retained Earnings balance was $285,000. During 2020, the following transactions took place Jun 10 Declared a 20 percent stock dividend, using the market value of $400 per share Jul 20 Distributed the stock dividend Aug 5 Declared a 50.65 per share cash dividend Date of record is August 21 Sep 15 Paid the cash dividend declared on August 5. Required T Required 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 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.) Des Journal Entry Date Accounts Debit Credit Jun 58400 10 Retained Earnings Dividends Payable Dividends Payable -2 58400 58400 Ser Common Shares 58400 Now, journalize the distribution of the stock dividend. Journal Entry Date Debit Credit Jul. 47450 Accounts 20 Retained Earnings Dividends Payable Dividends Payable 47450 47450 Cash 47450 Requirement 2. Journalize the declaration and payment of the cash dividend. Requirement 2. Journalize the declaration and payment of the cash dividend. Start by journalizing the declaration of the cash dividend. Journal Entry Date Accounts Debit Credit Aug 5|| Common Shares Neyt inurnalize the navment of the cash dividend Next, journalize the payment of the cash dividend. Journal Entry Date Accounts Debit Credit Sep 15 Requirement 3. Prepare the shareholders' equity section of the balance sheet on August 5, 2020. Requirement 3. Prepare the shareholders' equity section of the balance sheet on August 5, 2020 Maritime Travel Ltd. Balance Sheet (partial) August 5, 2020 Shareholders' Equity Contributed Capital Total shareholders' equity