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Prepare the journal entry to record the declaration

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Question - Stock dividend

The shareholders' equity of Core Technologies Company on June 30, 2015, included the following:

On April 1, 2016, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $30 on April 1, 2016, and $40 on June 1, 2016.

Required: Prepare the journal entry to record the declaration and distribution of the stock dividend on the declaration date.

Reference no: EM131737355

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