Novak Corp. has 44,000 shares of $11 par value common stock outstanding. It declares a 11% stock dividend on December 1 when the market price per share is $19. The dividend shares are issued on December

Novak Corp. has 44,000 shares of $11 par value common stock outstanding. It declares a 11% stock dividend on December 1 when the market price per share is $19. The dividend shares are issued on December 31.

Required:
Prepare the entries for the declaration and issuance of the stock dividend.

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