Novak Corporation has outstanding $470,000$ shares of $$10$ par value common stock. The corporation declares a $5\%$ stock dividend

when the fair value of the stock is $$59$ per share.

Prepare the journal entries for Novak Corporation for both the date of declaration and the date of distribution. $($List all debit entries

before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If

no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Declaration Date

Retained Earnings

Retained Earnings Common $$tOCK Dividend Distributable

Lommon $>$ Dividend Distributable

Paid$-$in Capital in Excess of Par $-$ Common Stock

Distribution Date

Common Stock Dividend Distributable