Question 23 Answer saved Morked out of 100 THIS MULTIPLE CHOICE QUESTION (MCQ) IS BASED ON THE SHANDON COMPANY SCENARIO BELOW: SHANDON COMPANY reports the following information at the end of 2018: Authorized Share Capital 600,000 Ordinary Shares Issued Share Capitat 300,000 Ordinary Shares Par Value for Ordinary Shares -$2.25 per share Ordinary shares issued at $30 per share, Retained Earnings: $14,400,000 The following transactions take place during 2010: August 1: SHANDON Company Company declares a 40% Cash Dividend. September: SHANDON Company declares a Property Dividend of Equity Securities valued at $2,200,000. The carrying amount of the Equity Securities is $4,700,000 on September 30, October : SHANDON COMPANY declares a share dividend of 10% November 1: The dividends declared on September 1 and October 1 are distributed MCQ TWENTY THREE The transaction of September 1 will require which entry with respect to Equity Securities? Select one O a DEBIT $4,700,000 b. CREDIT $2,500,000 O c. DEBIT $2,500,000 O d. CREDIT $4,700,000 Oe. None of these answers Clear my choice