The Karate Shop is authorized to issue 700,000 shares of $1 par common stock. The company issued 77,000 shares at $9 per share, and all 77,000 shares are outstanding. When the market price of common stock was $19 per share, The Karate Shop declared and distributed a 15% stock dividend. Later, The Karate Shop declared and paid a $0.30 per share cash dividend. Requirements 1. Journalize the declaration and distribution of the stock dividend. 2. Journalize the declaration and the payment of the cash dividend.View Solution:
The Karate Shop is authorized to issue 700 000 shares of



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