Matty, Inc. had 360,000 shares of $1 par value common stock issued and outstanding as of August 15, 2018. The company is authorized to issue 1,200,000 common shares. On August 15, 2018, Matty declared a 45% stock dividend when the market value for Matty's common stock was $4 per share. The stock was issued on Aug. 30. Read the requirements. Requirement 1. Journalize the declaration and distribution of the stock dividend. (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. Date Accounts and Explanation Debit Credit Aug. 15 162,000 Stock Dividends Common Stock Dividend Distributable 162,000 Declared a 45% stock dividend. Now journalize the distribution of the stock dividend. Date Debit Credit Aug. 30 Accounts and Explanation Common Stock Dividend Distributable Common Stock-$1 Par Value 162,000 162,000 Issued 45% stock dividend. Requirement 2. How many shares of common stock are outstanding after the dividend? There are 198000 shares of common stock outstanding after the dividend