ElementElement

Water Sports has

11 comma 00011,000

shares of

$22

par value common stock outstanding.

ElementElement

distributes a

1010%

stock dividend when the market value of its stock is

$ 24$24

per share.

Element Water Sports has 11,000 shares of $2 par value common stock outstanding. Element distributes a 10% stock dividend when the market value of its stock is $24 per share. Read the requirements. Requirement 1. Journalize Element's declaration of the stock dividend on August 15 and distribution on August 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by journalizing the declaration of the stock dividend on August 15. Date Accounts and Explanation Debit Credit Aug. 15 Stock Dividends Common Stock Dividend Distributable Paid-In Capital in Excess of Par-Common Declared a 10% stock dividend. Choose from any list or enter any number in the input fields and then click Check