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Gallegos Industries declares a 10% stock dividend on its $35 par common stock when 50,000...

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Accounting

Gallegos Industries declares a 10% stock dividend on its $35 par common stock when 50,000 shares were outstanding. The market price was $50 per share. Complete the following table to reflect the changes as a result of the stock dividend.

Before Dividend After Dividend

Paid in Capital Common Stock, $35 par $1,750,000

Paid in Capital in Excess Of Par Value $0

Total Paid in Capital $1,750,000

Retained Earnings $350,000

Total Stockholder Equity $2,100,000

Outstanding Shares $50,000

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