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The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows....

The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows.

Common stock—$10 par value, 150,000 shares
authorized, 60,000 shares issued and outstanding		 $ 600,000
Paid-in capital in excess of par value, common stock 425,000
Retained earnings 550,000
Total stockholders’ equity $ 1,575,000


On February 5, the directors declare a 20% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock’s market value is $40 per share on February 5 before the stock dividend.

1. Prepare entries to record both the dividend declaration and its distribution.

Record the declaration of a 20% stock dividend.

Record the distribution of a 20% stock dividend.

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