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Problem - On July 31, a corporation has the following financial data:
Common stock issued & outstanding 100,000 shares
Par value of common stock $10 per share
Market price of common stock $50 per share
On July 31, the corporation declares 10% stock dividend on common stock. The stock dividends are distributed on August 31.
Required -
A. Prepare any necessary journal entries on July 31.
B. Prepare any necessary journal entries on August 31.
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