Owen Communications, Inc., began 2018 with 250,000 shares of $1 par corrmon stock issued and outstanding. Beginning Paid-in capital in excess of parcorrmon was $620,000, and retained earrings was $710,000. In May 2018, Owen Communications, Inc., issued 12,000 shares of stock at S7 per share. In November, when the stock's market price was $18 per share the board of directors distributed a 10 percent stock dividend. Read the requirements. Requirement 1. Make the journal entries for the issuance of stock for cash and for the declaration and distribution of the 10 percent stock dividend. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the issuance of common stock for cash. Date Debit Credit Journal Entry Accounts Paid-in capital in excess of par-common Retained earnings May 5424 Record the declaration and distribution of the stock dividend. Journal Entry Date Accounts Debit Credit Nov Cash Pald-in capital in excess of par-common Requirement 2. Prepare the company's statement of stockholders' equity for the year ended December 31, 2018. (Enter the labels in chronological order. Use parentheses or a minus sign when subtracting numbers. For accounts with a $0 balance, leave the cell blank. Do not enter a "0".) Owen Communications, Inc. Statement Stockholders' Equity Owen Communications, Inc., began 2018 with 250,000 shares of $1 par common stock issued and outstanding. Beginning Paic-in capital in excess of par-common was $820,000, and retained earnings was $710,000. In May 2018, Owen Communications, Inc., issued 12,000 shares of stock at S7 per share. In November, when the stock's market price was $18 per share, the board of directors distributed a 10 percent stock dividend. Read the requirements Record the declaration and distribution of the stock dividend. Date Debit Credit Journal Entry Accounts Cash Paid-in capital in excess of par-common Nov Requirement 2. Prepare the company's statement of stockholders' equity for the year ended December 31, 2018. (Enter the labels in chronological order. Use parentheses or a minus sign when subtracting numbers. For accounts with a $0 balance, leave the cell blank. Do not enter a "O'.) Owen Communications, Inc. Statement Stockholders' Equity Year Ended December 31, 2018 Additional Common paid-In Retained earnings stock capital Total Balance, December 31, 2017 Issuance of stock Stock dividend Balance, December 31, 2018