Prepare the journal entry to record the stock dividend, assuming that the dividend is declared on March 1 and distributed on May 1

Aquamanu Developments is authorized to issue 500,000 shares. To date, the company has 168,200 shares issued and 135,200 outstanding. Aquamanu is considering declaring a dividend to its common shareholders. Management is recommending the board of directors to consider the following options at the next meeting scheduled for March 1: 1. The boards of directors should approve a motion directing the company to pay a dividend of $0.50 per share on May 1 to shareholders of record on April 15 or 2. The board should approve a motion directing the company to declare a 10% stock dividend. Aquamanu would distribute one common share for every 10 common shares currently held. The company's common shares are currently selling for $52 per share