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Dillion Company is authorized to issue 1,000,000 shares of $40 par value common stock. By...

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Accounting

Dillion Company is authorized to issue 1,000,000 shares of $40 par value common stock. By November 15, 2016, the company had issued 50,000 shares at $50 per share. On November 15, 2016, the company declared a 30% stock dividend when the market price was $52 per share.

What amount is transferred from retained earnings to paid-in capital as a result of the stock dividend?

A. $ 600,000

B. $ 780,000

C. $3,120,000

D.$2,400,000

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