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On June 13, the board of directors of Siewert Incorporated declared a 5% stock dividend on its 40 million, $2 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $18 on June 13. Prepare a journal entry that summarizes the declaration and distribution of the stock dividend

On June 13, the board of directors of Siewert Incorporated declared a 5% stock dividend on its 40 million, $2 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $18 on June 13. Prepare a journal entry that summarizes the declaration and distribution of the stock dividend

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 10EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share...
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On June 13, the board of directors of Siewert Incorporated declared a 5% stock dividend on its 40 million, $2 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $18 on June 13.

Prepare a journal entry that summarizes the declaration and distribution of the stock dividend

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