P15.11 (L0 3,4) (Stock and Cash Dividends) Fiarnhant Corporation has 0etslansing r,000,000 ahares of common stock with a par value of 510 each. The balance in its Retained Earnings acoosent at Fanuary 1, 2000, was $24,000000, and it then had Fuid-in Capital in Exces of Par-Camnan 5tock of 55,000000. Daring 2020, the company's net income was $4,700,000. A cach dividend of 5080 a share was declared on May 5, 2020, and was paid fane 30, 2000, and a 68 atock dividend war declared on Noveraber 30, 2020, and distributed to Mockholiens of record at tho close of business on Decerober 31. 20 20, You have been asked to advise on the proper accounting treatment af the stock dividend. The mitsing atock of the company is quoted of a nabional stock exchange. The market price of the atock has been is follown. Instructions a. Prepare the journal entry to recond ine declaration and pivenent of the cash divilenid. b. Prepare the fournal entry to record the declaration and distribution of the stock dividend. c. Prepare the stockbolders equity section (including schedules of retained eaming and additional paid-in capital) of the halance sheet of Ramhart Corpocation for the year 2030 os the busk of the foregoing information. Draft a pote to the financial statements setting forth the basis of the accounting for the stock dividend, and add separitely appropriate comments or coplanations regarding the baxis chosee