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On December 31, 2017, the stockholders' equity section of Arndt, Inc., was as follows: On March 31, 2018, Arndt declared a 15% stock dividend, and

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On December 31, 2017, the stockholders' equity section of Arndt, Inc., was as follows: On March 31, 2018, Arndt declared a 15\% stock dividend, and accordingly 1,350 additional shares were issued, when the fair value of the stock was $20 per share. For the three months ended March 31,2018, Arndt recorded a net income of $40,000. The balance of Arndt's retained earnings as of March 31,2018 , should be 3.$194,000. b. $127,000 c. $154,800. d. $207,000

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