Stock Dividends Penguin Company has the following information regarding its common shares: No par, with unlimited shares authorized, 108,500 shares issued and outstanding. On August 22, 2022, Penguin declared and paid a 15% stock dividend when the market price of the common shares was $30 per share. Required: 1. Prepare the journal entry to record the declaration and payment of this stock dividend. For those boxes in which no entry is required, leave the box blank. 2022, Aug 22 Retained Earnings (or Dividends) 486,000 Common Shares 186.000 (Record small share dividend) X 2. Prepare the journal entry to record the declaration and payment, assuming it was a 30% stock dividend. Assume the share price on the market decreases from $30 to $25 per share when the stock dividend is announced 2012 Aug. 22 Retained Earnings (or Dividends) Common Shares (Record larse shares divided 405.000 X 05.000 X PREVIOUS Next ENG 626 PM 2021-03-31 O hp