Carpenter Schools, Inc is authorized to issue 500,000 shares of $2 par common stock

The company issued 106,000 shares at $6 per share. When the market price of common stock was $10 per share, Carpenter declared and distributed a 10% stock dividend. Later, Carpenter declared and paid a $0.10 per share cash dividend.

Prepare the journal entries to record these transactions. Explanations are not required.
What will be an ideal response

Accounts and Explanation Debit Credit
Stock Dividends
($6 per share x 106,000 shares x 0.10 ) 63,600
Common Stock Dividend Distributable
($2 per share x 106,000 shares x 0.10 ) 21,200
Paid-In Capital in Excess of
Par—Common ($63,600 âˆ' $21,200 ) 42,400

Common Stock Dividend Distributable
($2 per share x 106,000 shares x 0.10 ) 21,200
Common Stock—$1 Par Value 21,200

Cash Dividends
($0.10 x (106,000 shares + 10,600 shares)) 11,660
Dividends Payable — Common 11,660

Dividends Payable — Common 11,660
Cash 11,660