tock Dividends and Stock Splits ance Products' balance sheet includes total assets of $587,000 and the following equity account baiances at December 31 : Common stock, $2 par, 80,000 shares issued and outstanding $160,000 Lance's common stock is selling for $12 per share on December 31 . Required: 1. How much would Lance Products have reported for total assets and retained earnings on December 31 if the firm had deciared and paid a $30,000 cash dividend on December 31 ? Prepare the journal entry for this cash dividend. If an amount box does not require an entry, leave it blank. Dec. 31 2. How moch would Lance have reported foe total assets and retained earnings on December 31 if the firm had issued a 15% stock dividend on Decernber 317 ? Total assets Metained earnings 1 Prepare the journal entry foe this stock dividend. If an amount box does not require an entry, gwo it blank: 3. Conceptual Connection: How much would Lance have reported for total assets and retained earnings on December 31 if the fim had effected a 2 for-1 stock split on Decenber 31 ? Total assets etained earnings 1 Is a journal entry needed to record the srock spic