1. Journalize the declaration and distribution of the stock dividend. 2. How many shares of common stock are outstanding after the dividend? Jonny, Inc. had 360,000 shares of $2 par value common stock issued and outstanding as of July 15 , 2024 . The company is authorized to issue 1,800,000 common shares. On July 15,2024 , Jonny declared a 50% stock dividend when the market value for Jonny's common stock was $7 per share. The stock was issued on Jul. 30