Prepare journal entries for the following. Remember that each transaction affects the subsequent transactions.

Shown is the capital structure prior to the transactions:

Common Stock, $10 par, 10,000 shares outstanding $ 100,000

Paid-In capital - common $ 100,000

Retained Earnings $ 400,000

22 - Jan Declared a 50% stock dividend payable on the 25th. Market price of stock was $44.

25 - Jan Distributed the stock dividend