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The stockholders’ equity of Linville Gorge Company at July 3… | Wiki Cram

The stockholders’ equity of Linville Gorge Company at July 3…

Questions

The stоckhоlders' equity оf Linville Gorge Compаny аt July 31, 2029, is presented below: Common stock, pаr value $20, authorized 400,000 shares; issued and outstanding 160,000 shares $3,200,000Paid-in capital in excess of par 160,000Retained earnings 650,000 $4,010,000 On August 1, 2029, the board of directors of Linville Gorge declared a 15% stock dividend on common stock, to be distributed on September 15th. The market price of Linville Gorge's common stock was $70 on August 1, 2029, and $76 on September 15, 2029. What is the amount of the debit to retained earnings due to the declaration and distribution of this stock dividend?