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The shareholders’ equity section of Lakeview Homes Corporation’s balance sheet at December 31, 2016 is reproduced below:
On January 15, 2016, Lakeview Homes declared a 10 per cent share dividend to holders of common shares. At this date, the common shares of the corporation were trading on the stock exchange at $10 each. The share dividend was issued February 15, 2016
Required: Prepare the journal entries to record the share dividend.
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