Part $1$ of $3$

Points: $0$ of $6$

The stockholders' equity of Shorewood Occupational Therapy, Inc. on December $31,2023,$ follows:

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Read the requirements.

Requirement $1.$ Journalize the declaration and distribution of the stock dividend. $($Record debits first, the First, journalize the declaration of the stock dividend.

Requirements

Data table

Journalize the declaration and distribution of the stock dividend.

Prepare the stockholders' equity section of the balance sheet as of May $31,2024.$ Assume Retained Earnings are $$123,000$ on April $30,2024,$ before the stock dividend, and the only change made to Retained Earnings before preparing the balance sheet was closing the Stock Dividends account.

$\backslash$table$[[$Stockholders$\text{'}$ Equity$],[$Paid$-$In Capital:,,$],[\backslash$table$[[$Common Stock$-$ $$3$ Par Value; $1,500$ shares$],[$authorized$,980$ shares issued and outstanding$]],$$$,2,940,$