On June 30, Sharper Corporations 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, 74,000 shares issued and outstanding	$ 740,000
Paid-in capital in excess of par value, common stock	320,000
Retained earnings	720,000
Total stockholders equity	$ 1,780,000

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

SHARPER CORPORATION
Stockholders Equity Section of the Balance Sheet
June 30
Total stockholders equity

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