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Liberal Arts Schools, Inc. is authorized to issue 200,000 shares of $55 par common stock. The company issued 75,000 shares at $5 per share. When
Liberal Arts Schools, Inc. is authorized to issue 200,000 shares of $55 par common stock. The company issued 75,000 shares at $5 per share. When the market price of common stock was $7 per share, Liberal Arts declared and distributed a 14% stock dividend. Later, Liberal Arts declared and paid a $0.80 per share cash dividend
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