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A Corporation Has 200,000 Shares of $10 Par Value Common

question 155

Essay

A corporation has 200,000 shares of $10 par value common stock outstanding. The following selected transactions related to the company's stock took place during the current year:
 Apr. 15 Declared a 40% stock dividend to stockholders of record on May 1, to be  issued May 10. The current market valued is $15 per common share.  May 1  Date of record.  May 10 Issued the common stock dividend. \begin{array} { | l | l | } \hline \text { Apr. } 15 & \begin{array} { l } \text { Declared a 40\% stock dividend to stockholders of record on May } 1 , \text { to be } \\\text { issued May } 10 \text {. The current market valued is } \$ 15 \text { per common share. }\end{array} \\\hline \text { May 1 } & \text { Date of record. } \\\hline \text { May } 10 & \text { Issued the common stock dividend. } \\\hline\end{array} Prepare the journal entries to record these transactions.


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