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Required information (The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative
Required information (The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $11,200,000 Paid-in capital Preferred stock, $140 par value, 6%, cumulative, 100,000 shares authorized, 80,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 450,000 and 430,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Tatal stockholders' equity $11,200,000 3,440,000 14,420,000 11,934,000 14,810,000 12,210,000 (1,748,000) $ (1,728,000) $ 39,266,000 f-1. Assume that on June 1 the market value of the common stock was $32 per share and that the board of directors declared a 5% stock dividend on the issued shares of common stock. Use the horizontal model to show the issuance of the stock dividend. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Liabilities Income Statement Revenues Assets Stockholders' Equity Net Income Exp =
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