Waterway Corporation has outstanding $518,000$ shares of $$10$ par value common stock. The corporation declares a $100\%$ stock

dividend when the fair value of the stock is $$59$ per share.

Prepare the journal entries for both the date of declaration and the date of distribution. $($List all debit entries before credit entries. Credit

account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter O for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Declaration Date

Distribution Date