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Question 47 (2 points) Use the following information to answer question 47 and 48 On January 1, 2018. Tarow Corporation had 80.000 common shares, recorded
Question 47 (2 points) Use the following information to answer question 47 and 48 On January 1, 2018. Tarow Corporation had 80.000 common shares, recorded at $600.000, and retained earnings of $1.000.000. During the year, the following transactions occurred: Apr. 2 Issued 5,000 common shares at $20 per share. June 15 Declared a cash dividend of $0.25 per share to common shareholders of record on June 30, payable on July 10. Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $22 a share on August 21, $24 on September 5, and $26 on September 20. Nov. Issued 3,000 common shares at $25 per share. Nov. 15 Declared and issued a 2-for-1 stock split Dec. 20 Declared a cash dividend of $0.30 per share to common shareholders of record on December 31, payable on January 10. Dec. 31 The net income for the year of 2018 is $20,000 The amount of total dividends declared on common shares on August 21, 2018 is: 1 $110.500 $88,000 $35,000 $93,500
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