Prepare the journal entries for the date of declaration, Accounting Basics

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Prepare the journal entries for the date of declaration

Problem

Nash Corporation has outstanding 438,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $65 per share.

Prepare the journal entries for both the date of declaration and the date of distribution.

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Accounting Basics: Prepare the journal entries for the date of declaration

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Accounting Basics: Prepare the journal entries for the date of declaration

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