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Coyt Co. has 700,000 authorized shares of $2 par value common stock. The company issued...

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Accounting

Coyt Co. has 700,000 authorized shares of $2 par value common stock. The company issued 450,000 shares and has additional paid-in capital-in-excess of par value of $1,600,000. The company does not have any treasury stock. North Bend Co. declared a 15 percent stock dividend when the stock was selling for $10 per share. By how much should the Additional Paid-in-Capital account increase as a result of the stock dividend:

Select one:

A. $540,000

B. $135,000

C. $405,000

D. $675,000

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