Robby, Inc. had 340,000 shares of $3 par value common stock issued and outstanding as of August 15, 2024. The company is authorized to issue 1,200,000 common shares. On August 15, 2024, Robby declared a 40% stock dividend when the market value for Robby's common stock was $5 per share. The stock was issued on Aug. 30. Read the requirements Requirement 1. Journalize the declaration and distribution of the stock dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by journalizing the declaration of the stock dividend. Date Accounts and Explanation Debit Credit Aug. 15