Milton Corporation Declared and Distributed a 8% Stock Dividend

question 9

Essay

Milton Corporation declared and distributed a 8% stock dividend.Milton had 440,000 common shares outstanding and 940,000 common shares authorized before the stock dividend.The board of directors determined the appropriate market value per share as $10.
Requirement:
How much should be recorded for the stock dividend? Record the journal entry (if any)for the shares distributed.

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