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Mr. Gibson Corporation owned 20,000 shares of Old Towne Corp…
Mr. Gibson Corporation owned 20,000 shares of Old Towne Corporation’s $5 par value common stock. These shares were purchased in 2025 for $225,000. On September 15, 2029, Mr. Gibson declared a property dividend of one share of Old Towne for every ten shares of Mr. Gibson held by a stockholder. On that date, when the market price of Old Towne was $35 per share, there were 180,000 shares of Mr. Gibson outstanding. What NET reduction in retained earnings would result from this property dividend?
Mr. Gibson Corporation owned 20,000 shares of Old Towne Corp…
Questions
Mr. Gibsоn Cоrpоrаtion owned 20,000 shаres of Old Towne Corporаtion's $5 par value common stock. These shares were purchased in 2025 for $225,000. On September 15, 2029, Mr. Gibson declared a property dividend of one share of Old Towne for every ten shares of Mr. Gibson held by a stockholder. On that date, when the market price of Old Towne was $35 per share, there were 180,000 shares of Mr. Gibson outstanding. What NET reduction in retained earnings would result from this property dividend?