Retained Earnings: Transactions and Statement The stockholders' equity accounts of Rayburn Corporation as of January 1 appear below: Common stock, $9 par value, 400,000 shares authorized; 200,000 shares issued and outstanding Paid-in capital in excess of par value Retained earnings $1,800,000 920,000 513,000 During the year, the following transactions occurred: June 7 Declared a 10 percent stock dividend; market value of the common stock was $15 per share. June 28 Issued the stock dividend declared on June 7. Dec. 5 Declared a cash dividend of $1.55 per share. Dec. 26 Paid the cash dividend declared on December 5. Required a. Prepare journal entries to record the foregoing transactions.