The shareholders' equity for King Paving Inc. on June 30, 2014 (end of the company's fiscal year),

Question:

The shareholders' equity for King Paving Inc. on June 30, 2014 (end of the company's fiscal year), follows:
Common shares, 800,000 shares authorized, 80,000 shares issued and outstanding.......$300,000
Retained earnings......................................................................................380,000
Total shareholders' equity...........................................................................$680,000
On August 8, 2014, the market price of King Paving Inc.'s common shares was $12.00 per share and the company declared a 20 percent stock King Paving Inc. issued the shares on August 31, 2014.
Required
1. Journalize the declaration and of the stock Prepare the shareholders' equity section of the after the stock Balance Sheet
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