Stock Dividends Witt Corporation has 80,000 shares of $5 par value common stock outstanding. At year end, the company deciares a four percent stock dividend. The marke pric of the stock on the declaration date is $21 per share. Four weeks later, the company issues the shares of stock to stockholders. a. Prepare the journal entry for the declaration of the stock dividend. b. Prepare the journal entry for the issuance of the stock dividend. 5. Assume that the company declared a 40 percent stock dividend rather than a four percent stock dividend. Prepare the journal entries for (1) the deciaration of the stock dividend and ( (2) the issuance of the stock dividend