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Langley Corporation has57,000shares of $11par value common stock outstanding. It declares a15% stock dividend on December 1 when the market price per share is $16.

Langley Corporation has57,000shares of $11par value common stock outstanding. It declares a15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31.

Prepare the entries for the declaration and issuance of the stock dividend.

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