On June $30,$ Sharper Corporation$$s stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a $50\%$ stock dividend.

Common stock$$$$10$ par value, $88,000$ shares issued and outstanding $ $880,000$

Paid$-$in capital in excess of par value, common stock $390,000$

Retained earnings $755,000$

Total stockholders$$ equity $ $2,025,000$

$(1)$ Prepare the updated stockholders' equity section after the distribution is made.

$(2)$ Compute the number of shares outstanding after the distribution is made.

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