Owen Communications, Inc., began 2018 with 250,000 shares of $1 par common stock issued and outstanding. Beginning Paid-in capital in excess of par-common was $650,000, and retained earnings was $820,000. In February 2018, Owen Communications, Inc., issued 17,000 shares of stock at $12 per share. In August, when the stock's market price was $14 per share, the board of directors distributed a 20 percent stock dividend. Read the equirements Requirement 1. Make the joumal entries for the issuance of stock for cash and for the declaration aand distribution of the 20 percent stock dividend. (Record debits first, then credits Exclude explanations from any jounal entries.) Record the issuance of common stock for cash. Journal Entry Accounts Debit Credit Date Feb Owen Communications, Inc., began 2018 with 250,000 shares of $1 par common stock issued and outstanding Beginning Paid-in capital in excess of par-common was S650,000, and retained eamings was $820,000. In February 2018, Owen Communications, Inc, issued 17,000 shares of stock at $12 per share. In August, when the stock's market price was $14 per share, the board of directors distributed a 20 percent stock dividend. Read the requirements Record the declaration and distribution of the stock dividend Journal Entry Date Accounts Debit Credit Aug Owen Communications, Inc., began 2018 with 250,000 shares of $1 par common stock issued and outstanding. Beginni retained earnings was $820,000. In February 2018, Owen Communications, Inc., issued 17,000 shares of stock at $12 p share, the board of directors distributed a 20 percent stock dividend. Read the requirements Statement of Stockholders' Equity Year Ended December 31, 2018 Additional Common paid-in Retained stock capital earnings Total Balance, December 31, 2017 Issuance of stock Stock dividend Balance, December 31, 2018