E$-$F:$13-30$ Journalizing cash and stock dividends $($Learning Objective $4)$

Self$-$Defense Schools, Inc. is authorized to issue $200,000$ shares of $$2$ par common stock. The company issued $73,000$ shares at $$5$ per share. When the market price of common stock was $$7$ per share, Self$-$Defense Schools declared and distributed a $14\%$ stock dividend. Later, Self$-$Defense Schools declared and paid a $$0\mathrm{.}70$ per share cash dividend.

Requirements

Journalize the declaration and the distribution of the stock dividend.

Common Stock $$20,440$

Journalize the declaration and the payment of the cash dividend.