Next question Planet Travel Ltd is authorized to issue 675,000 common shares. As of December 31, 2019, the company had issued 70.000 shares at $7.00 per share and its Retained Eamings balance was $285,000. During 2020, the following transactions took place: Jun. Jul Distributed the stock dividend. Declared a 15 percent stock dividend, using the market value of $3.50 per share. 20 Declared a $0.70 per share cash dividend. Date of record is August 21. Paid the cash dividend declared on August 5. Aug 5 Sep. 15 Required Requirement 1. Joumalize 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.) Date Jun. 10 Journal Entry Accounts Debit Credit Now, journalize the distribution of the stock dividend. Date Jul 20 Journal Entry Accounts Debit Credit Requirement 2. Journalize the declaration and payment of the cash dividend. Start by journalizing the declaration of the cash dividend. Date Aug. LO 5 Journal Entry Accounts Debit Credit Next, journalize the payment of the cash dividend. Date Sep. 15 Journal Entry Accounts Debit Credit Requirement 3. Prepare the shareholders' equity section of the balance sheet on August 5, 2020. Planet Travel Ltd. Balance Sheet (partial) August 5, 2020 Shareholders' Equity Contributed Capital: Tatal shareholders' equity