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Mitton, Inc. Is authorized to issue 200,000 shares of $3 par common stock. The company issued 70,000 shares at $8 per share. When the market price of common stock was $10 per shane, Millen, fnc. declared and distributed a 12% stock dividend. Later, Miton, the. declared and poid o 50.80 per share cash owidend. Bead the reguirements. Requirement 1. Joumalize the dedaration and the distribution of the stock dividend. (Record debits first, then credits Select the explanation on the last inte of the joumal entry table) Fint. ioumalize the declaration of the stock dividend. Requirements 1. Journalize the declaration and the distribution of the stock dividend 2. Journalize the declaration and payment of the cash dividend. Cash Dividends Common Stock-\$3 Par Value Common Stock Dividend Distributable Dividends Payable-Common Paid-In Capital from Treasury Stock Transactions Paid-In Capital in Excess of Par-Common Retained Earnings