Stock DividendsKaufman Company currently has $200,000$ shares of $$1$ par common stock outstanding. On March $15,$ a $10\%$ stock dividend was declared to shareholders of record on April $2,$ distributable on April $14.$ Market value of the common stock was estimated at $$8$ per share.Question Content Area$1.$Prepare journal entries for the declaration and distribution of the $10\%$ common stock dividend.Cash DividendsCommon StockPaid$-$In Capital in Excess of Par$-$Common StockStock DividendsStock Dividends DistributableCashCommon StockStock DividendsStock Dividends DistributableStock Dividends PayableCommon StockPaid$-$In Capital in Excess of Par$-$Common StockPreferred StockRetained EarningsStock DividendsCashCommon StockPaid$-$In Capital in Excess of Par$-$Common StockStock DividendsStock Dividends DistributableCashCommon StockPaid$-$In Capital in Excess of Par$-$Common StockStock Dividends DistributableStock Dividends Expense