Homework Answers
Outstanding common shares :-
= 490,000 + (15% * 490,000)
= 563,500
Stock dividend in cash = 15%*490,000*36 = 2,646,000
Dividends declared = 563,500 * 0.60
= 338,100
Reduction in Retained earnings
= 2,646,000 + 338,100
= 2,984,100
Option A
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