[The following information applies to the questions displayed below.) The stockholders' equity of TVX Company at the beginning of the day on February 5 follows: Common stock-$20 par value, 150,000 shares authorized, 54,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,080,000 525,000 675,000 $2,280,000 On February 5, the directors declare a 10% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $39 per share on February 5 before the stock dividend. The stock's market value is $35 per share on February 28. Exercise 11-6 Part 1 1. Prepare entries to record both the dividend declaration and its distribution. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Feb 05 302,400 Retained earnings Common stock dividend distributable Paid-in capital in excess of par value, Common stock 151,200 151,200 2 Feb 28 151,200 Common stock dividend distributable Common dividend payable 151,200