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  3. rafael, inc. had 310,000 shares of $1 par value co

Rafael, Inc. had 310,000 shares of $1 par value common stock issued and outstanding as...

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Accounting

Rafael, Inc. had 310,000 shares of $1 par value common stock issued and outstanding as of December 15,2025. The
company is authorized to issue 1,400,000 common shares. On December 15,2025, Rafael, Inc. declared a 45% stock
dividend when the
market value for Rafael, Inc.'s common stock was $3 per share. The stock was issued on December 30.
Requirements
Journalize the declaration and distribution of the stock dividend.
How many shares of common stock are outstanding after the dividend?
Requirement 1. Journalize the declaration and distribution of the stock dividend. (Record debits first, then credits. Select the
explanation on the last line of the journal entry table.)
Start by journalizing the declaration of the stock dividend.
Now journalize the distribution of the stock dividend.
Requirement 2. How many shares of common stock are outstanding after the dividend?
The number of shares of common stock outstanding after the dividend =
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