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Perry Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 30% stock dividend on June 1 whe
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Answer #1
Date Account Debit Credit
June 1 Stock Dividends (120,000 × 0.30 × $12) $432,000
Common Stock Dividends Distributable $180,000
Paid-in Capital in Excess of Par $252,000
June 30 Common Stock Dividends Distributable $180,000
Common Stock $180,000
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