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The company declared a 20% stock dividend on 100,000 shares of $10 par value stock. At the time of declaration, the companys stock was trading at $24.50 on the open market. Use the following table showing the equity accounts to record the necessary journal entries related to the declaration and distribution of the stock dividend:

	2020	2019
Common Stock, $10 Par Value	$1,000,000	$ 1,000,000
Preferred Stock, $100 Par Value	500,000	350,000
Paid-in Capital in Excess of Par Value, Common Stock	2,000,000	2,000,000
Retained Earnings	1,500,000	1,000,000
Treasury Stock	(500,000)	(500,000)