Tamarisk Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for Tamarisk Corporation for both the date of declaration and the date of distribution.

Account Titles and Explanation Declaration Date Debit 14874000 222000 Paid-in Capital in Excess of Par- Common Stock 14652000 Distribution Date Common Stock 222000