The Topeka Corporation has 40,000 shares of $3 par value common stock outstanding. On July 1, the corporation declared a stock dividend payable July 31, 2014, to common stockholders of record on July 20, 2014, at the rate of one new share of common stock for each ten shares held. The estimated market value of the common stock is $36 per share. Record the transactions on page 15 of a general journal. Omit descriptions.

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The Answer of The Topeka Corporation has 40,000 shares of $3 par value common stock outstanding. On July 1, the corporation declared a stock dividend payable July 31, 2014, to common stockholders of record on July 20, 2014, at the rate of one new share of common stock for each ten shares held. The estimated market value of the common stock is $36 per share. Record the transactions on page 15 of a general journal. Omit descriptions.

The Topeka Corporation Has 40,000 Shares of $3 Par Value