University Food Systems Inc. has issued a 40 percent stock dividend. The company has 812,000 common shares authorized and 230,000 shares issued and outstanding. The common shares account had a balance of $2,760,000 on the date of declaration of the stock dividend, and the market value was $16 per share. Prepare the journal entry for the issuance of this stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > Record the payment of the stock dividend. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal