Mystic, Inc is authorized to issue 200,000 shares of ( $ 1 ) par common stock. The company issued 70,000 shares at ( $ 6 ) per share. When the market price of common stock was ( $ 8 ) per share, Mystic, Inc. declared and distributed a ( 12 % ) stock dividend. Later, Mystic, Inc. declared and paid a ( $ 0.50 ) 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.)

Mystic, Inc. is authorized to issue 200,000 shares of $1 par common stock. The company issued 70,000 shares at $6 per share. When the market price of common stock was $8 per share, Mystic, Inc. declared and distributed a 12% stock dividend. Later, Mystic, Inc. declared and paid a $0.50 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.) Eirst 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