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Vaughn Manufacturing has 500000 shares of $10 par value common stock outstanding. During the year Vaughn declared a 13% stock dividend when the market price
Vaughn Manufacturing has 500000 shares of $10 par value common stock outstanding. During the year Vaughn declared a 13% stock dividend when the market price of the stock was $36 per share. Three months later Vaughn declared a $0.50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by
| $2622500 |
| $ 495000 |
| $2340000 |
| $ 471400 |
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