The Green Goat Co. has 350,000 shares authorized and 200,000 shares outstanding. The par value per share is $1 and the market price per share is $18.50. Assume the following two independent situations. 1. On October 8th, the firm declared a $2.60 cash dividend per share to stockholders of record on October 16th, payable on October 31st. 2. On October 8th, the firm declared a 15% stock dividend to stockholders of record on October 16th, payable on October 31st.

Instructions Record the necessary journal entries for these two independent assumptions.