Prepare all journal entries necessary to record declaration

Reference no: EM132216423

Question - Zenon Company has 450,000 shares of $1 par value common stock outstanding. In declaring and distributing a 10% stock dividend, Zenon initially issued only 40,000 new shares; the other stock dividend shares have not yet been issued as of the end of the year. Prepare all journal entries necessary to record the declaration and distribution of the stock dividend. The market price of the shares is $21 per share after the 10% stock dividend is issued.

Reference no: EM132216423

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