Painting Schools Ltd had issued 77000 ordinary shares at $3 per share. When the retained earnings balance was $160000 and the market price of the shares was $5, Painting Schools distributed a dividend of $7700 to be satisfied by the issue of new shares valued at $5 per share. Later, Painting Schools declared and paid a 25 cents per share cash dividend.

1. Journalise both the declaration and payment of the share dividend.

2. Journalise both the declaration and payment of the cash dividend.