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What is the journal entry on june for xyz

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Problem 1: On January 1, 2021, XYZ retailer corporation purchased 40,000 shares of ABC Rice incorporation 40 each. During March 2021, 5% stock dividends were declared and distributed. The fair value of the stocks on dividend declaration date were 32 each. On June 1, 2021 the board declared property dividends of one kilogram of rice every 500 shares held as of June 10, 2021. The dividends are to be distributed on June 25. A kilo of rice is valued at 38. What is the journal entry on June 25 if XYZ plans to have the dividends as additional items to be sold in its store? Show computation.

Reference no: EM132808270

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