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Fidelity has 60,000 shares of $1 par common stock outstanding. Suppose Fidelity distributes a 10% stock dividend when the market value of its stock is $11.50 per share. Journalize Fidelity's distribution of the stock dividend on May 11. What was the overall effect of the stock dividend on Fidelity's total assets? On total liabilities? On total stockholders' equity?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973039

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