Vaughn Corporation has outstanding 323,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Vaughn Corporation has outstanding 323,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $71 per share.

Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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