Jonny, Inc. had 310,000 shares of $2 par value common stock issued and outstanding as of May 15, 2024. The company is authorized to issue 800,000common shares. On May 15, 2024, Jonny declared a 35% stock dividend when the market value for Jonny's common stock was $3 per share. The stockwas issued on May. 30.Read the requirements.May. 15Retained Earnings325500Common Stock Dividend Distributable217000Paid-In Capital in Excess of Par-Common108500Declared a 35% stock dividend.Now journalize the distribution of the stock dividend.DateAccounts and ExplanationDebitCreditMay. 30Common Stock Dividend Distributable217000Common Stock-$2 Par Value217000Issued 35% stock dividend.Requirement 2. How many shares of common stock are outstanding after the dividend?The number of shares of common stock outstanding after the dividend =