Question: The company had 10 000 shares of 1 par common stock outstanding
The company had 10,000 shares of $1 par common stock outstanding. When each share of stock had a market value of $33, the company declared and distributed a 10% stock dividend. After the distribution of the dividend shares, each share of stock had a market value of $30. Make the journal entries necessary to record the declaration and distribution of this stock dividend.
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