On October 31, the stockholders' equity section of Sandhill Co.'s balance sheet consists of common stock $712,000 and retained earnings $399,000. Sandhill is considering the following two courses of action: (1) declaring a 6% stock dividend on the 89,000, $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 $18 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 Before Action 712000 After Stock Dividend 808120 Retained earnings 399000 495120 Total stockholders' equity $ 1111000 $ 1303240 Outstanding shares 89000 eTextbook and Media After Stock Split 96120 Assistance Used