On January $1,2016,$ Gerlach Inc. had the following account

balances in its shareholders' equity accounts.$$During $2016,$ Gerlach Inc. had several transactions relating to

common stock.Declared a property dividend of $100,000$ shares of Slowdown

Company $($book value $$11\mathrm{.}2$ per share, market value $$9\mathrm{.}60$ per

share$).$Distributed the property dividend.A $2-$for$-1$ stock split was declared and distributed on

outstanding common stock and effected in the form of a stock

dividend. The market value of the stock was $$4$ on this date. Hint:

Debit Retained earnings.Declared and distributed a $3\%$ stock dividend on outstanding

common stock; market value per share, $$5.$Declared a $50$ cents per share cash dividend on the outstanding

common shares.Paid the cash dividend.$$Record the above transactions and events in journal entry

format.$($If no entry is required for a

transaction$/$event$,$ select $"$No journal entry required" in the first

account field.$)1.$Declared a property dividend of $100,000$ shares of Slowdown

Company $($book value $$11\mathrm{.}20$ per share, market value $$9\mathrm{.}60$ per

share$)\mathrm{.}2.$Record the declaration of property dividend$\mathrm{.}3.$Distributed the property dividend$\mathrm{.}4.$A $2-$for$-1$ stock split was declared and distributed on

outstanding common stock and effected in the form of a stock

dividend. The market value of the stock was $$4$ on this date$\mathrm{.}5.$Declared and distributed a $3\%$ stock dividend on outstanding

common stock; market value per share, $$5\mathrm{.}6.$Declared a $50$ cents per share cash dividend on the outstanding

common shares$\mathrm{.}7.$Paid the cash dividend.