BE12-8 Walters Corporation has 60,000 shares of $10 par value common stock outstanding.

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BE12-8 Walters Corporation has 60,000 shares of $10 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 distribution of the stock dividend.