Portrait Schools, Inc. is authorized to issue 200,000 shares of $5 par common stock. The company issued 74,000 shares at $5 per share. When the market price of common stock was $7 per share, Portrait Schools declared and distributed a 5% stock dividend. Later, Portrait Schools declared and paid a $0.80 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.) First, journalize the declaration of the stock dividend. Date Accounts and Explanation Debit Credit Stock Dividends Common Stock Dividend Distributable Paid-In Capital in Excess of ParCommon Declared a 5% stock dividend. i Requirements x 1. Journalize the declaration and the distribution of the stock dividend. 2. Journalize the declaration and payment of the cash dividend. Print Done