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Pickens Corporation declares and issues a 10% stock dividend on June 30. On the date of declaration, the stock is selling for $30 per share.

Pickens Corporation declares and issues a 10% stock dividend on June 30. On the date of declaration, the stock is selling for $30 per share. Assuming that there were 50,000 shares previously outstanding, with a $10 par value. Required: Prepare the journal entry on the date of declaration to record Pickenss stock dividend.

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