On January 1, 2022, Concord Corporation had $1,170,000of common stock outstanding that was issued at par and retained earnings of $767,000. The company issued32,000shares of common stock at par on July 1 and earned net income of $464,000for the year.

Journalize the declaration of a17% stock dividend on December 10, 2022, for the following two 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 $10and market price is $15.

(b)Par value is $5and market price is $8.

What are the proper entries under the Debit and Credit tab?

No. Account Titles and Explanation Debit Credit

(a) Stock Dividends

Common Stock Dividends Distributable

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

b) Stock Dividends

Common Stock Dividends Distributable

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