The equity sections from Fields Group's 2016 and 2017 year-end balance sheets follow Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 240,000 36,000 200,000 476,000 Total stockholders' equity Stockholders' Equity (December 31, 2017) Common stock-$4 par value, 150,000 shares authorized, 66,720 shares issued, 4,000 shares in treasury $266,880 76,320 360,000 703,200 Paid-in capital in excess of par value, common stock Retained earnings ($32,000 restricted by treasury stock) (32,000) Less cost of treasury stock Total stockholders' equity $671,200 The following transactions and events affected its equity during year 2017. Jan. 5 Declared a $2.40 per share cash dividend, payable on January 10 Mar. 20 Purchased treasury stock for cash Apr. 5 Declared a $2.40 per share cash dividend, payable on April 10 July 5 Declared a $2.40 per share cash dividend, payable on July 10. July 31 Declared a 12% stock dividend when the stock's market value was $10 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $2.40 per share cash dividend, date of record October 10 Requirement General Cash DividendsStock Dividend Journal Ledger Calculate the amount of retained earnings to be capitalized as a result of the stock dividend Dates: Jan 01 to Dec 31 Capitalization of retained earnings due to stock dividend Number of shares outstanding on July 30 Percentage of stock dividend Number of shares to be issued Amount to be capitalized per share Total amount to be capitalized Cash Dividends Stock Dividend