Supreme Water Sports has 10,000 shares of $3 par value common stock outstanding. Supreme distributes a 10% stock dividend when the market value of its stock is $16 per share.Read the requirements.

Requirement 1. Journalize Supreme's declaration of the stock dividend on May 15 and distribution on May 31.

(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 on May 1515.