Requirement 3. Prepare the shareholders' equity section of the balance sheet on August 5, 2020. King Travel Ltd. Balance Sheet (partial) August 5, 2020 Shareholders' Equity Contributed Capital: Total shareholders' equity King Travel Ltd. is authorized to issue 600,000 common shares. As of December 31, 2019, the company had issued 80,000 shares at $9.50 per share and its Retained Earnings balance was $280,000. During 2020, the following transactions took place: Jun. 10 Jul. 20 Declared a 15 percent stock dividend, using the market value of $6.00 per share. Distributed the stock dividend. Declared a $0.60 per share cash dividend. Date of record is August 21. Paid the cash dividend declared on August 5. 5 Aug. Sep. 15 Required Requirement 1. Journalize the declaration and distribution of the stock dividend. Begin by journalizing the declaration of the stock dividend. (Record debits first, then credits. Explana Journal Entry Date Accounts Debit Credit Jun. 10 Now, journalize the distribution of the stock dividend. Journal Entry Date Accounts Debit Credit Jul. 20 Requirement 2. Journalize the declaration and payment of the cash dividend. Start by journalizing the declaration of the cash dividend. Journal Entry Date Accounts Debit Credit Aug. 5 Next, journalize the payment of the cash dividend. Journal Entry Date Accounts Debit Credit Sep. 15