The Watermelon Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On December 1st, the Board of Directors declares a 4% Stock Dividend to be issued to the shareholders of record on December 15th and distributed on December 30th. The market price of the stock on December 1st was $25 per share. Calculate the amount the Company would Debit to Stock Dividends on December 15th: Calculate the amount the Company would Credit to Additional Paid in Capital…Preferred Stock on December 15:

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A: Please find the answers to the above questions below: