Portrait People, Inc., is authorized to issue 500,000 shares of 34 par common stock. The company issued 74,000 shares at S7 per share, and all 74,000 shares are outstanding. When the market price of common stock was $11 per share, Portrait People, Inc, declared and distributed a 20 percent stock dividend. Later, Portrait People, Inc., declared and paid a $0.60 per share cash dividend. Requirements 1. Journalize the declaration and distribution of the stock dividend. 2. Journalize the declaration and the payment of the cash dividend. Requirement 1. Joumalize the declaration and distribution of the stock dividend. (Record debits first then credits. Exclude explanations from any journal entries) Journal Entry Date Accounts Debit Credit