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 journalizing the declaration of the stock dividend. Date Jul. 15 Accounts and Explanation Stock Dividends Common Stock Dividend Distributable Declared a 35% stock dividend. Now journalize the distribution of the stock dividend. Debit 175,000 Credit Requirements 175,000 1. Journalize the declaration and distribution of the stock dividend. Date Jul. 30 Accounts and Explanation Common Stock Dividend Distributable Debit Credit Issued 35% stock dividend. 2. How many shares of common stock are outstanding after the dividend? Print Done -