Martial Arts Schools, Inc., is authorized to issue 500,000 shares of \$1 par common stock. The company issued 80,000 shares at \(\$ 4\) per share. When the market price of common stock was \(\$ 6\) per share, Martial Arts distributed a 10\% stock dividend. Later, Martial Arts declared and paid a \(\$ 0.30\) per share cash dividend.

Requirements 

1. Journalize the distribution of the stock dividend. 

2. Journalize both the declaration and the payment of the cash dividend.