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On March 1, Lucy Co. declared a 9% stock dividend on its 150,000 outstanding shares of $3 par value stock. The fair market value of

On March 1, Lucy Co. declared a 9% stock dividend on its 150,000 outstanding shares of $3 par value stock. The fair market value of the stock is $14 (stock is currently selling for $14 per share). On March 31, Lucy Company issued the shares of common stock. Journalize the declaration and the issue of the dividend.

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