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Area Corporation had 1 0 0 , 0 0 0 shares of $ 1 par value common stock outstanding as of June 1 . Later

Area Corporation had

100, 000

shares of $

1

par value common stock outstanding as of June

1 .

Later that day the board of directors declared a

10 %

stock dividend when the market value of each share was $

20 .

The journal entry to record the stock dividend would deit Retained Earnings for:

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