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Lava Company has 420,000 shares of P 10 par value common stock outstanding. During the...

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Accounting

Lava Company has 420,000 shares of P 10 par value common stock outstanding. During the year Lava declared a 10% stock dividend when the market price of the stock was P 36 per share. Three months later Lava declared a P .60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by

a. P 277,200

b. P 1,512,000

c. P 1,789,200

d. P 264,000

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