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Journalize entry needed for declaration of stock dividend

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Reference no: EM132505882

Stock dividened

Question 1: On June1, the board of directors of Crafty Stuff, Inc. declared a 15% stock dividend. On August 1, the company had 70,000 shares of $3 par value common stock issued and outstanding with a market price of $15 per share. The stock dividend will be distributed on June 15 to shareholders of record on July 5. Journalize the entry needed for the declaration of the stock dividend.

Reference no: EM132505882

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