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I.Malave's Corporation declares a 12% stock dividend on its 85,000 shares of $7 par value common stock. The current fair market value of its stock

I.Malave's Corporation declares a 12% stock dividend on its 85,000 shares of $7 par value common stock. The current fair market value of its stock is $15 per share.

Record the entry on the declaration date:

Record the journal entry when Malave's Corporation issues the dividend shares:

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