$1 par value common stock outstanding E emen a stributes a 5% stock a iden e market value of its stock s S15 ors Element water Sports has 13,000 shares o Read the requirements. w an are Requirement 1. Journalize Element's declaration of the stock dividend on August 15 and distribution on August 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 August 15. Date Accounts and Explanation Debit Credit Aug. 15 Now journalize the distribution of the stock dividend on August 31 Date Accounts and Explanation Debit Credit Aug. 31