Required information

Use the following information for the Exercises $8-9$ below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

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, $76,000$ shares issued and

outstanding

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

Retained earnings

Total stockholders' equity

Exercise $11-8($Algo$)$ Large stock dividend LO P$2$

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

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

Answer is complete but not entirely correct.

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