Journalizing cash and stock dividends Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $4 par common stock. The company issued 72,000 shares at $6 per share. When the market price of common stock was $8 per share, Martial Arts declared and distributed a 14% stock dividend. Later, Martial Arts declared and paid a $0.60 per share cash dividend.
1. Journalize the declaration and the distribution of the stock dividend.
2. Journalize the declaration and payment of the cash dividend.
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