To reduce its stock price, Shriver Food Systems, Inc., declared and issued a 50 percent stock dividend. The company has 880,000 shares authorized and 280,000 shares outstanding. The par value of the stock is $1 per share and the market value is $100 per share. Prepare the journal entry to record this large stock dividend. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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