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. Required: (1) Prepare the updated stockholders' equity section after the distribution is made. Common stock-$10 par value, 74,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stock dividend % Par value Number of common shares outstanding before the stock dividend SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet June 30 Common stock - $10 par value, 74,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity (2) Compute the number of shares outstanding after the distribution is made. Number of common shares outstanding $740,000 320,000 720,000 $1,780,000 50% $10 74,000 $740,000 320,000 720,000 $1,780,000 222,000