Question
On June 30, 2024, Dakota, Inc. showed the following data on the equity section of their balance sheet: Stockholders' Equity Common Stock, $1 par; 195,000
On June 30, 2024, Dakota, Inc. showed the following data on the equity section of their balance sheet:
| Stockholders' Equity | |
| Common Stock, $1 par; 195,000 shares authorized,157,000 shares issued and outstanding | $157,000 |
| PaidIn Capital in Excess of ParCommon | $263,000 |
| Retained Earnings | 945,000 |
| Total Stockholders' Equity | $1,365,000 |
On July 1, 2024, the company declared and distributed a 6% stock dividend. The market value of the stock at that time was $16 per share. After closing the stock dividend, what is the balance of Retained Earnings?
A.$947,000
B.$963,840
C.$794,280
D.$876,180
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
