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A company with 110,570 authorized shares of $7 par common stock issued 36,137 shares at $16 per share. Subsequently, the company declared a 2% stock

A company with 110,570 authorized shares of $7 par common stock issued 36,137 shares at $16 per share. Subsequently, the company declared a 2% stock dividend on a date when the market price was $23 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?

Select the correct answer. $5,059 $11,564 $50,862 $16,623

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