3. For each of the following independent situations, present the necessary journal entry: (a) Declared and distributed a 10% share dividend on 500,000 shares of common shares outstanding. Market price per share on this date was $15. (b) With 250,000 shares of common shares outstanding, declared and distributed a 2 for 1 share split. (c) Declared and distributed a 30% share dividend on 200,000 shares of common shares outstanding. Market price per share on this date was $14. 2. The Drain Surgeon Corp's equity on January 1 was as follows: common shares, unlimited shares authorized, 250,000 shares issued and outstanding; retained earnings, $1,000,000. Prepare journal entries to record the following transactions: Feb. 15 The board of directors declared a 5% share dividend to shareholders of record on March 1 to be issued on March 20. The shares were selling for $6 a share Issued the share dividend, Mar. 20