On August 1, 2018, Alpha Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.

On August 1, 2018, Alpha Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stockholders' equity before the stock dividend was declared consisted of $1,000,000 for common stock ($10 par value, authorized 200,000 shares; issued and outstanding 100,000 shares), $150,000 for paid-in capital in excess of par, and $700,000 for retained earnings. Use this information to prepare the general journal entry (without explanation) for August 1, 2017.