Analyze effect of stock dividend on financial statements. (LO 4) Zorro Company declared and issued a (10
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Analyze effect of stock dividend on financial statements. (LO 4)
Zorro Company declared and issued a \(10 \%\) stock dividend on June 1, 2006. Before this dividend was declared and issued, there were 220,000 shares of \(\$ 0.10\) par common stock outstanding. After the stock dividend, how many shares are outstanding? What is the par value of each share?
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