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On July 1, 2018, Deborah Corporation had 56,000 shares of stock outstanding. The next day, Deborah Corporation declared a 100% common stock dividend when the market price of its $2 par value common stock was $143 per share. What is the related journal entry for this stock dividend? Credit Account Debit

On July 1, 2018, Deborah Corporation had 56,000 shares of stock outstanding. The next day, Deborah Corporation declared a 100% common stock dividend when the market price of its $2 par value common stock was $143 per share. What is the related journal entry for this stock dividend? Credit Account Debit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On July 1, 2018, Deborah Corporation had 56,000 shares of stock outstanding. The next day, Deborah Corporation declared a 100% common stock dividend when the market price of its $2 par value common stock was $143 per share. What is the related journal entry for this stock dividend? Credit Account Debit
Transcribed Image Text:On July 1, 2018, Deborah Corporation had 56,000 shares of stock outstanding. The next day, Deborah Corporation declared a 100% common stock dividend when the market price of its $2 par value common stock was $143 per share. What is the related journal entry for this stock dividend? Credit Account Debit
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