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Prepare the January journal entry to record the declaration

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Reference no: EM133114953

Question - The following is the Stockholders' Equity section of the balance for Spencer Corporation as of December 31, 2019.

Stockholders' Equity Common stock, $1 par value; authorized, 10,000,000 shares.

Issued and outstanding, 500,000 shares $500,000

Additional paid-in capital, common stock 3,500,000

Retained earnings 6,750,000

Total Stockholders' Equity $10,750,000

Spencer Corporation declared a 10% stock dividend on January 1, 2020, at which date the fair value of Spencer Corporation common stock was trading at $35 per share. Prepare the January 1, 2020, journal entry to record the declaration of the stock dividend.

Reference no: EM133114953

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