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waterway Industries has 629000 shares of $10 par value common stock outstanding. During the year waterway declared a 15% stock dividend when the market price

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waterway Industries has 629000 shares of $10 par value common stock outstanding. During the year waterway declared a 15% stock dividend when the market price of the stock was $47 per share. Two months later Waterway declared a $0.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by $434010. $582000. $4434450 $4868460

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