Question
The shareholders' equity of Sunland Ltd. at July 31, 2023 is presented below: Common shares, no par value, authorized 402000 shares, issued and outstanding 201000
The shareholders' equity of Sunland Ltd. at July 31, 2023 is presented below:
| Common shares, no par value, authorized 402000 shares, | ||
| issued and outstanding 201000 shares | $4120500 | |
| Retained earnings | 2649000 | |
| Total shareholders' equity | $6769500 |
On August 1, 2023, the board of directors declared a 10% stock dividend, to be distributed on September 15. The market price of Sunland's common shares was $34 on August 1 and $37 on September 15. What is the debit to retained earnings as a result of the declaration and distribution of this stock dividend?
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
5th Canadian edition
9781259105692, 978-1259103285
