The stockholders equity section of Ayayai Corp.s balance sheet consists of common stock ($7 par) $973,000 and retained earnings $460,000. A 15% stock dividend (20,850 shares) is declared when the market price per share is $16. (a) Show the before-and-after effects of the dividend on the components of stockholders equity.

Show the before-and-after effects of the dividend on the shares outstanding