Whispering Winds Corp. has 45,000 shares of $12 par value common stock outstanding. It declares a 11% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend

Whispering Winds Corp. has 45,000 shares of $12 par value common stock outstanding. It declares a 11% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account title: are automatically indented when 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.) Date Account Titles and Explanation Debit Credit (Dec. 1 & Stock Dividends Common Stock Dividends Distributable 59,400 Paid-in Capital in Excess of Par-Common Stock Dec. 31 Common Stock Dividends Distributable Common Stock