Stock Dividends Witt Corporation has 75,000 shares of $4 par value common stock outstanding. At year-end, the company declares a four percent stock dividend. The market price of the stock on the declaration date is $21 per share. Four weeks later, the company issues the shares of stock to stockholders. a 0 a. Prepare the journal entry for the declaration of the stock dividend. b. Prepare the journal entry for the issuance of the stock dividend. c. Assume that the company declared a 35 percent stock dividend rather than a four percent stock dividend. Prepare the journal entries for (1) the declaration of the stock dividend and (2) the issuance of the stock dividend. General Journal Ref. Description Debit Credit Stock Dividends 5 O Stock Dividend Distributable 0 OX Paid-in-Capital in Excess of Par Value OX To record declaration of stock dividend. b. Stock Dividend Distributable OX 0 Common Stock Issued common stock for stock dividend, C. 1) Stock Dividends 0 Stock Dividend Distributable O To record declaration of stock dividend C. 2) Stock Dividend Distributable Common Stock O 0 x Issued common stock for stock dividend. . O OX . OX 0