On October 10, the board of directors of Pattern Corporation declared a 10% stock dividend. On October 10, the company had 10,000 shares of $1 par common stock issued and outstanding with a market price of $16 per share. The stock dividend will be distributed on October 31 to shareholders of record on October 25. Journalize the entries needed for the declaration and distribution of the stock of dividend.
On October 10, the board of directors of Pattern Corporation declared a 10% stock dividend. On October 10, the company…
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