The following account balances appear on the balance sheet of Osgood Industries:

Common Stock (300,000 shares authorized, $100 par): $10,000,000
Paid-In Capital in Excess of ParCommon Stock: $2,000,000
Retained Earnings: $45,000,000

The board of directors declared a 2% stock dividend when the market price of the stock was $135 a share.

	Required:
(1)	Journalize the entries to record:*
(a)	the declaration of the dividend, capitalizing an amount equal to market value
(b)	the issuance of the stock certificates
(2)	Determine the following amounts before the stock dividend was declared:
(a)	Total paid-in capital
(b)	Total retained earnings
(c)	Total stockholders equity
(3)	Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year:
(a)	Total paid-in capital
(b)	Total retained earnings
(c)	Total stockholders equity
	*Refer to the Chart of Accounts for exact wording of account titles.