Litt Corporation has 54,000 shares of $6 par value common stock outstanding. At year-end, the company declares a five pe

[answerhappygod]

Litt Corporation has 54,000 shares of $6 par value common stock
outstanding. At year-end, the company declares a five percent stock
dividend. The market price of the stock on the declaration date is
$15 per share. Three weeks later, the company issues the shares of
stock to stockholders.
a. Prepare the journal entry for the declaration of the stock
dividend.
b. Prepare the journal entry for the issuance of the stock
dividend.
c. Assume that the company declared a 50 percent stock dividend
rather than a five percent stock dividend. Prepare the journal
entries for (1) the declaration of the stock dividend and (2) the
issuance of the stock dividend.