mark out mag question 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 540 per share. a. Prepare the journal entries for (1) the declaration of the dividend and (2) the issuance of the dividend. Debit Credit O O x General Journal Ref. Description (1) Stock dividends Stock dividend distributable Declared 100% stock dividend. (2) Stock dividend distributable Common stock Issued stock for 100% stock dividend. X 0 O X Check