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Board declares a scrip dividend of $40,000 payable on Dec. 31. It is payable on June 1st to stockholders of record on Jan. 10th. Note

Board declares a scrip dividend of $40,000 payable on Dec. 31. It is payable on June 1st to stockholders of record on Jan. 10th. Note bears interest of 8%.

Prepare all relevant journal entries pertaining to the dividend.

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