On August 22, Penguin declared and paid a 15% stock dividend when the market price of the common stock was $28 per share. Required: 1. Prepare the journal entries to record declaration and payment of this stock dividend. If an amount box does not require an entry, leave it blank. Aug. Feedbeck Check My Work 1. Small stock dividends are capitalized using the stock's market value, while large stock dividends are capitalized at the stock's par value. Aug. 22 x x Feadback * Check My Work 2. Small stock dividends are capitalized using the stock's market value, while large stock dividends are capitalized at the stock's par value