Richman Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 10% stock dividend on June 1 when the market price per share was $12. The shares were issued on June 30.
Instructions
Prepare the necessary entries for the declaration and payment of the stock dividend.

Question

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The Answer of Richman Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 10% stock dividend on June 1 when the market price per share was $12. The shares were issued on June 30.
Instructions
Prepare the necessary entries for the declaration and payment of the stock dividend.

Richman Corporation Has 120,000 Shares of $5 Par Value Common