Gast Corporation has 200,000 shares of $10 par value common stock outstanding. It declares a 12% stock

Question:

Gast Corporation has 200,000 shares of $10 par value common stock outstanding.

It declares a 12% stock dividend on December 1 when the market price per share is

$17. The dividend shares are issued on December 31. Prepare the entries for the declaration and distribution of the stock dividend.

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