On October $31,$ the stockholders' equity section of Crane Company consists of common stock $$310,000$ and retained earnings

$$892,000.$ Crane is considering the following two courses of action: $(1)$ declaring a $5\%$ stock dividend on the $31,000,$ $$10$ par value

shares outstanding, or $(2)$ effecting a $2-$for$-1$ stock split that will reduce par value to $$5$ per share. The current market price is $$14$ per

share.

Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and

par value per share.