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As of December 31, 2010, Harris Dynamics, Inc., has 77,000 shares of $7 par value common stock issued and outstanding. The retained earnings balance was
As of December 31, 2010, Harris Dynamics, Inc., has 77,000 shares of $7 par value common stock issued and outstanding. The retained earnings balance was $255,000. On January 15, 2011, Harris Dynamics declared and issued a 4% stock dividend to its common shareholders. At the time of the dividend, the market value the stock was $28 per share. Requirements 1. Show how the stock dividend would affect the accounting equation. Some of the account names will be abbreviated. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessar input lines.) Shareholders' Equity Assets Liabilities Contributed Capital + Retained Earnings $ Account Account $ Account $ Account
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