Question: S - F: 1 3 - 1 0 Journalizing a large stock dividend ( Learning Objective 4 ) Nelly, Inc. had 3 2 0 ,

S-F:13-10 Journalizing a large stock dividend (Learning Objective 4) Nelly, Inc. had 320,000 shares of $2 par value common stock issued and outstanding as of December 15,2024. The company is authorized to issue 1,300,000 common shares. On December 15,2024, Nelly declared a 40% stock dividend when the market value for Nelly's common stock was $7 per share. The stock was issued on Dec. 30.
Requirements
Journalize the declaration and distribution of the stock dividend.
How many shares of common stock are outstanding after the dividend?
S-F:13-10 Journalizing a large stock dividend (Learning Objective 4) Nelly, Inc.

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