BrightBright

Schools, Inc. is authorized to issue 200,000 shares of

$22

par common stock. The company issued

78 comma 00078,000

shares at

$ 6$6

per share. When the market price of common stock was

$ 8$8

per share,

BrightBright

declared and distributed a

1010%

stock dividend. Later,

BrightBright

declared and paid a

$ 0.30$0.30

per share cash dividend.Read the requirements

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Requirement 1. Journalize the declaration and the distribution of the stock dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

First, journalize the declaration of the stock dividend.

Date

Accounts and Explanation

Debit

Credit

Now journalize the distribution of the stock dividend.

Date			Accounts and Explanation	Debit	Credit

Requirement 2. Journalize the declaration and payment of the cash dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Begin by journalizing the declaration of the cash dividend.

Date			Accounts and Explanation	Debit	Credit

Now journalize the payment of the cash dividend.

Date			Accounts and Explanation	Debit	Credit