Preparation of necessary entries for declaration

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Reference no: EM1315031

Preparation of necessary entries for declaration and payment of dividend.

Richman Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 15% stock dividend on June 1 when the market price per share was $12. The shares were issued on June 30.

Instructions

Prepare the necessary entries for the declaration and payment of the stock dividend.

Reference no: EM1315031

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