Question
On January 1, 2024, the board of directors of Goby Incorporated declared a $550,000 dividend. The following data is from the balance sheet of Goby
On January 1, 2024, the board of directors of Goby Incorporated declared a $550,000 dividend. The following data is from the balance sheet of Goby on that date:
| Common stock | $ 680,000 |
|---|---|
| Paid-in capitalexcess of par | 480,000 |
| Retained earnings | 392,000 |
| Paid-in capitalshare repurchase | 68,000 |
How much is the liquidating dividend?
$158,000
$70,000
$138,000
None of these answer choices are correct.
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Financial Accounting A Business Perspective
Authors: Jefferson Williams, Roger Hermanson, James Don Edwards
10th Edition
1930789793, 978-1930789791
