#6 On May 1, 2021, Rainbow Corp. declared and issued a 30% common stock dividend....
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#6 On May 1, 2021, Rainbow Corp. declared and issued a 30% common stock dividend. Prior to this dividend, Rainbow had 100,000 shares of $1 par value common stock issued and outstanding. The fair value of Rainbows common stock was $28 per share on May 1, 2021. As a result of this stock dividend, Rainbows total stockholders' equity
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