Sealand Company has 120,000 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. Your answer is partially correct. Prepare the journal entries if the company decides to declare and issue a 7% stock dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account and explanation Debit Credit When declared: Retained Earnings 193200 Stock Dividends Issuable 193200 When issued: Stock Dividends Issuable Common Shares 193200 8400 e Textbook and Media List of Accounts Question Part Score 58.1/70 Your answer is partially correct. Prepare the journal entry if instead of declaring the stock dividend the company decides to split its shares two-for-one. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account and explanation Debit Credit No Entry 0 No Entry