Rich man co has 160000 shares of 1$ par value common stock outstanding. it declared a 10% stock dividend on february 1 when the market price per share was 18$. the record date was February 8 and the shares were issued on February 15

1. Required
2. Prepare the entries for the stock dividend
3. Prepare the closing entry on 12/31 assuming no other dividends were issued and rich man only closes on 12/31