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Langley Corporation has 42,300 shares of $13 par value common stock outstanding. It declares a...

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Accounting

Langley Corporation has 42,300 shares of $13 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $17. The dividend shares are issued on December 31. Prepare the entries for the declaration and payment of the stock dividend.

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