Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $1 par common stock. The company issued 71,000 shares at $5 per share. When the market price of common stock was $7 per share, Martial Arts declared and distributed a 12% stock dividend. Later, Martial Arts declared and paid a $0.30 per share cash dividend. Read the requirements. 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 Now journalize the distribution of the stock dividend. Date Debit Credit Accounts and Explanation Debit Credit Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $1 par common stock. The company issued 71,000 shares at $5 per share. When the market price of common stock was $7 per share, Martial Arts declared and distributed a 12% stock dividend. Later, Martial Arts declared and paid a $0.30 per share cash dividend. Read the requirements. 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 Now journalize the payment of the cash dividend. Date Debit Credit Accounts and Explanation Debit Credit Requirements 1. Journalize the declaration and the distribution of the stock dividend. 2. Journalize the declaration and payment of the cash dividend. Print Done