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Prepare the necessary entries for the declaration

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Reference no: EM132605340

Monmouth Corporation has 160,000 shares of $5 par value common stock outstanding. It declared a 15% stock dividend on June 1 when the market price per share was $13. The shares were issued on June 30.

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Question 1: Prepare the necessary entries for the declaration and payment of the stock dividend.

Reference no: EM132605340

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