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On June $30,$ Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock

dividend or split. Sharper declares and immediately distributes a $50\%$ stock dividend.

Common stock$-$ $$10$ par value, $78,000$ shares issued and

outstanding

Paid$-$in capital in excess of par value, common stock

Retained earnings

Total stockholders' equity

$(1)$ Prepare the updated stockholders' equity section after the distribution is made.

$(2)$ Compute the number of shares outstanding after the distribution is made.

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Required $1$

Prepare the updated stockholders' equity section after the distribution is made.

SHARPER CORPORATION

Stockholders' Equity Section of the Balance Sheet

June $30$

Common stock $-$$$10$ par value

$$780,000x$

Paid$-$in capital in excess of par value, common stock

Retained earnings

Total stockholders' equity

$$1,850,000$