On October 31, the stockholders' equity section of Crane Company's balance sheet consists of common stock $676,000 and retained earnings $413,000. Crane is considering the following two courses of action: (1) declaring a 7% stock dividend on the 84,500, $8 par value shares outstanding or (2) effecting a 2-for-1 stock split that will reduce par value to $4 per share. The current market price is $17 per share. Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares. Stockholders' equity Paid-in capital Retained earnings Total stockholders' equity Outstanding shares Before Action $ $ After Stock Dividend After Stock Split