Rusty, Inc. had 250,000 shares of $2 par value common stock issued and outstanding as of July 15, 2024. The company is authorized to issue 1,600,000 common shares. On July 15, 2024, Rusty declared a 35% stock dividend when the market value for Rusty's common stock was $4 per share. The stock was issued on Jul. 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 joumalizing the declaration of the stock dividend. Date Accounts and Explanation Jul. 15 Stock Dividends Common Stock Dividend Distributable Declared a 35% stock dividend. Debit Credit Requirements 1. Journalize the declaration and distribution of the stock dividend. 2. How many shares of common stock are outstanding after the dividend? Print Done -