Stock Dividends and Stock Splits Lance Products' balance sheet includes total assets of $587,000 and the following equity account balances at December 31 : Lance's common stock is selling for $12 per share on December 31. Required: 1. How much would Lance Products have reported for total assets and retained earnings on December 31 if the firm had declared and paid a $33,000 cash dividend on December 31 ? Feedback 7 Check My Work 1. Consider how the debits and credits to the accounts affected in the journal entry necessary to record the transactions affect total assets and retained earnings. Prepare the journal entry for this cash dividend. If an amount box does not require an entry, leave it blank. Dec. 31X x Feedback 7 Check My Work 1. Consider how the debits and credits to the accounts affected in the journal entry necessary to record the transactions affect total assets and retained earnings. 2. How much would Lance have reported for total assets and retained earnings on December 31 if the firm had issued a 15% stock dividend on December 31 ? Total assets Retained earnings $ Feedback T Check My Work 2. Consider how the debits and credits to the accounts affected in the journal entry necessary to record the transactions affect total assets and retained earnings. Prepare the journal entry for this stock dividend. If an amount box does not require an entry, leave it blank. De! Feedback 7 check My Work. 2. Consider how the debits and credits to the accounts affected in the journal entry necessary to record the transactions affect total assets and retained earnings. 3. Conceptual Connection: How much would Lance have reported for total assets and retained earnings on December 31 if the firm had effected a 2-for-1 stock split on December 31 ? Total assets $ Retained earnings ; Is a journal entry needed to record the stock split? Feedback 3. Consider how the debits and credits to the accounts affected in the journal entry necessary to record the transactions affect total assets and retained earnings