The shareholders’ equity of Core Technologies Company on June
30, 2020, included the following:
|Common stock, $1 par; authorized, 8 million shares;
issued and outstanding, 3 million shares
|Paid-in capital—excess of par||12,000,000|
On April 1, 2021, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies’ common stock was $34 on April 1, 2021, and $44 on June 1, 2021.
Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend.
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