Stock Dividends

On August 1, 2020, Perkins declares a 15% Common Stock dividend. The market (fair) value of the stock on August 1, 2020, is $30 per share. August 15, 2020, is the date of record. The stock dividend will be distributed on August 31, 2020. Instructions: (a) Prepare all required journal entries for August 1, 15, and 31, 2020. If no journal entry is required, state NA. (b) Assume that Perkins declares a 30% Common Stock dividend instead of a 15% stock dividend. Prepare all required journal entries for August 1, 15, and 31, 2020. If no journal entry is required, state NA