Question: On October 15, 2013, a 5% stock dividend was declared and distributed. The market value of the common stock on this date was $32 per

On October 15, 2013, a 5% stock was declared and distributed. The market value of the on this date was $32 per share. Fractional share rights represented 100,000 shares. Cash was paid in lieu of issuing fractional share rights. On the date of declaration and payment, the company had 10 million shares of outstanding. The of the common shares was $5.
Required:Prepare any necessary journal entries to record the above events.

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