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To reduce its stock price, Shriver Food Systems, Inc. declared and issued a 50 percent...

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Accounting

To reduce its stock price, Shriver Food Systems, Inc. declared and issued a 50 percent stock dividend. The company has 760,000 shares authorized and 160,000 shares outstanding. The par value of the stock is $1 per share and the market value is $100 per share. Prepare the journal entry to record this large stock dividend.

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