Element Water Sports has 13,000 shares of $1 par value common stock outstanding. Element distribules a 5% stock dividend when the market value of its sock is $15 per share. Read the reguitements. Requirement 1. Joumalie Elemenfs declaration of the stock dividend on August 15 and distribution on August 31 . (Recond debits firat, then credits Select the erplanation an the last line of the journal entry table.j Start by joumalizing the declaration of the stock dividend on August 15 . Requirements 1. Journalize Element's declaration of the stock dividend on August 15 and distribution on August 31