Stock Dividends and Stock Splits Lance Products' balance sheet includes total assets of $587,000 and the following equity account balances at December 31: Common stock, $2 par, 80,000 shares issued and outstanding $160,000 Additional paid-in capitalcommon stock 24,000 Total capital stock $184,000 Retained earnings 217,000 Total stockholders equity $401,000 Lance's common stock is selling for $9 per share on December 31. Required: Question Content Area 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 $17,000 cash dividend on December 31? Total assets $fill in the blank d8939900dfa6021_1 Retained earnings $fill in the blank d8939900dfa6021_2 Question Content Area Prepare the journal entry for this cash dividend. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select - Question Content Area 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 $fill in the blank dcebbd00c06ff81_1 Retained earnings $fill in the blank dcebbd00c06ff81_2 Question Content Area Prepare the journal entry for this stock dividend. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area 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 $fill in the blank ee63edf6505ef8a_1 Retained earnings $fill in the blank ee63edf6505ef8a_2 Is a journal entry needed to record the stock split?