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Sheridan Company has 560000 shares of $10 par value common stock outstanding. During the year, Sheridan declared a 14% stock dividend when the market price
Sheridan Company has 560000 shares of $10 par value common stock outstanding. During the year, Sheridan declared a 14% stock dividend when the market price of the stock was $30 per share. Four months later Sheridan declared a $0.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by
$517440.
$1176000.
$ 470400.
$2735040.
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