Question: Pickens Corporation declares and issues a 10% stock dividend. On the date of declaration, the stock is selling for $30 per share. Assuming that there

Pickens Corporation declares and issues a 10% stock dividend. On the date of declaration, the stock is selling for $30 per share. Assuming that there were 50,000 shares previously outstanding, with a $10 par value, prepare the journal entry on the date of declaration to record Pickens’s stock dividend.

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