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On january 1 2014 lanie corporation had 1017000 of common

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On January 1, 2014, Lanie Corporation had $1,017,000 of common stock outstanding that was issued at par. It also had retained earnings of $741,000. The company issued 37,000 shares of common stock at par on July 1 and earned net income of $390,400 for the year. Journalize the declaration of a 15% stock dividend on December 10, 2014, for the following independent assumptions.

1. Par value is $8, and market value is $19.

2. Par value is $5, and market value is $20.

Reference no: EM13606737

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