On January $1,2027.$ Wildhorse Corporation had $$1,335,000$ of common stock outstanding that was issued at par. It also had retained earnings of $$750,500.$ The company issued $45,000$ shares of common stock at par on July $1$ and earned net income of $$405,000$ for the year.

Journalize the declaration of a $16\%$ stock dividend on December $10,2027,$ for the following independent assumptions. $($Credit account titles are automatically indented when 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.$)$

a$.$ Par value is $$10,$ and market price is $$19.$

b$.$ Par value is $$5,$ and market price is $$22.$

No$.$ Account Titles and Explanation

Debit

Credit

a$.$ Stock Dividends

Commen Stock Dividends Distributable

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

b$.$ Stock Divisends

Common Stock Dividends Distributable

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