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Prepare journal entry for issuance of the stock dividend

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Reference no: EM133078092

Question - Stock Dividends - Mammoth Corporation has 100,000 shares of $10 par value common stock out- LO standing. At year-end, the company declares a five percent stock dividend. The market price of the stock on the declaration date is $30 per share. Three weeks later, the company issues the shares of stock to stockholders.

Required -

a. Prepare the journal entry for the declaration of the stock dividend.

b. Prepare the journal entry for the issuance of the stock dividend.

Reference no: EM133078092

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