Akaman Auto, Inc., is authorized to issue 750,000 shares of $2 par common stock. The company issued 70,000 shares at $12 per share, and all 70,000 shares are outstanding. When the market price of common stock was $14 per share, Akaman Auto, Inc., declared and distributed a 10 percent stock dividend. Later Akaman Auto, Inc., declared and paid a $0.45 per share cash dividend Requirements 1. Journalize the declaration and distribution of the stock dividend 2. Journalize the declaration and the payment of the cash dividend Requirement 1. Journalize the declaration and distribution of the stock dividend (Record debits first, then credits. Exclude explanations from any journal entries) Journal Entry Date Accounts Debit Credit