Brief Exercise 14-2 Langley Corporation has 43,600 shares of $12 par value common stock… 1 answer below »

Brief Exercise 14-2 Langley Corporation has 43,600 shares of $12 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $16. The dividend shares are issued on December 31.
Prepare the entries for the declaration and payment of the stock dividend.

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