Problem 15-11 (Part Level Submission) Teal Corporation has outstanding 3,020,000 shares with common stock of a par value of $10 each. The balance in its Retained Earnings account at January 1, 2017, was $24,056,000, and it then had Paid-in Capital in Excess of Par-Commen Stock of $4,960,000. During 2017, the company's net income was $4,713 000. A cash dividend of $0.60 a share es declared on May 5, 2017, and as paid June 30, 2017, and a 6% stock dividend as dec ared on November 30, 2017, and distributed to stockholders of ecord at the close of business on December 31, 2017. You have been asked to advise on the proper accounting treatment of the stock dividend The existing stock of the company is quoted on a national stock exchange, The market price of the stock has been as follows October 31, 2017 November 30, 2017 December 31, 2017 s29 532 $35 (a and b) Your answer is correct. (a) (b) prepare the journal entry to record (1) the declaration and (2) payment of the cash dividend Prepare the journal entry to record (1) the declaration and (2) distribution of the stock dividend. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.) No. Date Account Titles and Explanation Debit Credit May 5 Rctained Earnings 1,812,000 Dividends Payable 1,912,000 (2) (2)Tr June 30 vidends Payable 1,812,000 Cash 1,812,00o (b) Nov. 30Retained Eamings 5,798,400 Common Stock Dvidend Distributable 1,912,000 Paid-in Capital in Exoess of Par Common Stock 3,986,400 (b) (2) Dec. 31 Stock Dividend Distrbutable 1,812,000 Common Stock 1,812,000