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Artistic schools, Inc. is authorized to issue 200,000 shares of $3 par common stock. The company issued 70,000 shares at $5 per share. When the market price of common stock was $7 per share. Artistic declared and distributed a 12% stock dividend. Later, Artistic declared and paid a $0.60 per share cash dividend. Requirement 1. Journalize the declaration and the distribution of the stock dividend (Record debts fist, then credits. Select the explanation on the last time of the journal entry table) First, journalize the declaration of the stock dividend. Now journalize the distribution of the stock dividend. Requirement 2. Journalize the declaration and payment of the cash dividend. (Record debts fist, then credits select the explanation on the last line of the journal entry table) Begin by journalize the declaration of the cash dividend