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Prepare journal entries on september and october

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Question - Dave Inc. declared 40% stock dividend on its 120,000 outstanding common shares (with a par value of $5 per share) on September 10 2021. The stock was trading for $35 at the declaration date. The stock were distributed in the form of dividends on October 20 2021.

Required - Prepare journal entries on September 10 and October 20. What is the equivalent stock split of this 40% stock dividend?

Reference no: EM133076845

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