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3. Ignoring parts 1&2, On January 1, 2020, Dunder Mifflin Corp, a publicly traded company, had these shareholders' equity accounts: Common shares (Unlimited number of
3. Ignoring parts 1&2, On January 1, 2020, Dunder Mifflin Corp, a publicly traded company, had these shareholders' equity accounts: Common shares (Unlimited number of shares authorized, 15,000 issued) $600,000 Contributed surplus $25,000 Retained earnings $200,000 On February 1 the company declared a 5 for 1 stock split to common shareholders. The stocks market price was $100.00. February 15th is the date of record and March 1st is the date of payment. On February 15th the stocks market price was $100.00 and on March 1st the stock's market price was $25.00. Calculate the balance in number of common shares, dollars of common shares, dollars of contributed surplus and dollars of retained earnings after the above transactions at March 1st, 2020, after the stock split. January 1, 2020 March 1, 2020 Number of common shares 15,000 Common shares $600,000 Contributed surplus $25,000 Retained earnings $200,000
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