A company had 15,000 shares outstanding at the beginning of the year. During the year, the company declared a 36% stock dividend when the market price of the stock was $48 per share. The par value of common stock was $12. The company’s retained earnings had a beginning balance of $691,000 and net income for the year as $76,000. What is the ending balance for retained earnings?
A company had 15,000 shares outstanding at the beginning of the year. During the year, the company declared a 36% stock dividend when the market price of the stock was $48 per share. The par value of common stock was $12. The company’s retained earnings had a beginning balance of $691,000 and net income for the year as $76,000. What is the ending balance for retained earnings?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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A company had 15,000 shares outstanding at the beginning of the year. During the year, the company declared a 36% stock dividend when the market price of the stock was $48 per share. The par value of common stock was $12. The company’s retained earnings had a beginning balance of $691,000 and net income for the year as $76,000. What is the ending balance for retained earnings?
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