On January 1, N, Wayless Corporation had $1,200,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year.

VII. On January 1, N, Wayless Corporation had $1,200,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Instructions: Journalize the declaration of a 10% stock dividend on December 10,N, for the following two independent assumptions. (a) Par value is $8 and market price is $15. (b) Par value is $5 and market price is $8. VIII. Hays Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting. During the first month, the accountant made the following entries for the corporation's capital stock. Instructions: On the basis of the explanation for each entry, prepare the entry that should have been made for the capital stock transactions