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Masterson Company has 420,000 shares of $10 par value ordinary shares outstanding. During the year Masterson declared a 5% share dividend when the market price
Masterson Company has 420,000 shares of $10 par value ordinary shares outstanding. During the year Masterson declared a 5% share dividend when the market price of the shares was $36 per share. Three months later Masterson declared a $.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by a. $1,020,600 b. $774,600 c. $474,600 d. $447,600
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