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A company with outstanding 40,000 shares of $4 par common stock. Subsequently, the company declared a 2% stock dividend on a date when the market

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A company with outstanding 40,000 shares of $4 par common stock. Subsequently, the company declared a 2% stock dividend on a date when the market price was $11 a share. What is the amount transferred from the retained earnings account to paid-in capital and common stock accounts as a result of the stock dividend? $4.800 0 $8.800 0 $6.400 $3,200

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