Sealand Company has 100,000 common shares outstanding. Because it wants to retain its cash for other purposes, the company decided to issue stock dividends to its shareholders. The market price of each Sealand Company share was $23. Prepare the journal entries if the company decides to declare and issue a 7% stockdividend. (Credit account titles are automatically indented when the amount is entered. Do not inderit manually. If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts.) Debit Credit Account and explanation When declared: When issued: eTextbook and Media List of Accounts Prepare the journal entry if instead of declaring the stock dividend thecompany decides to split its sharestwo-for-one. (Credit account titles are automatically inderted when the amount is entered. Do not indert manually. If no entry is required, select "No Entry"for the account titles anderter Ofor the amounts.) Account and explanation Debit Credit