The stockholders' equity section of the balance sheet for Dairy Place Corporation on October 11, 2019, follows: (Click the icon to view the data.) On October 11, 2019, the market price of Dairy Place common stock was $16 per share. Dairy Place declared and distributed a 16% stock dividend on this date. Read the requirements Requirement 1. Journalize the declaration and distribution of the 16% stock dividend. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Debit Date Accounts Credit October 11 Journal Entry Date Accounts Debit Credit October 11 Accumulated other comprehensive income (loss) Cash Common Stock Paid-in Capital in Excess of ParCommon Retained Earnings - X Requirements 1. Journalize the declaration and distribution of the stock dividend. 2. Prepare the stockholders' equity section of the balance sheet after the stock dividend. 3. Why is total stockholders' equity unchanged by the stock dividend? 4. Suppose Dairy Place had a cash balance of $560,000 on October 12, 2019. What is the maximum amount of cash dividends the company can declare? Data table Stockholders' Equity Common stock, $0.30 par, 2,500,000 shares authorized, 600,000 shares issued Paid-in capital in excess of par-common Retained earnings Accumulated other comprehensive income (loss) 180,000 1,291,520 7,000,000 (210,000) Total stockholders' equity $ 8,261,520