On January 1, 2020, Sheridan Corporation had $1,495,000 of common stock outstanding that was issued at par. It also had retained earnings of $743,000. The company issued 38,000 shares of common stock at par on July 1 and earned net income of $390,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2020, for the following independent assumptions. (

a.		Par value is $10, and market price is $18.
b.		Par value is $5, and market price is $22.

No. Account Titles and Explanation Debit Credit a. Stock Dividends Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock b. Stock Dividends Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock