Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on june 30, 2024, dakota, inc. showed the followin

On June 30, 2024, Dakota, Inc. showed the following data on the equity section of...

50.1K

Verified Solution

Question

Accounting

On June 30, 2024, Dakota, Inc. showed the following data on the equity section of their balance sheet:

Stockholders' Equity
Common Stock,

$1

par;

203,000

shares authorized,

147,000

shares issued and outstanding

$147,000

PaidIn

Capital in Excess of

ParCommon

$263,000

Retained Earnings

952,000

Total Stockholders' Equity

$1,362,000

On July 1, 2024, the company declared and distributed a

5%

stock dividend. The market value of the stock at that time was

$20

per share. After closing the stock dividend, what is the balance of Retained Earnings?

A.

$954,000

B.

$873,100

C.

$805,000

D.966,700

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

a 250 gram brick is launched with an initial speed of 20 mph up a wooden...

Accounting
1.2K views

Struggling with the bolded questions Matt Holmes recently joined Klax Company as a staff accountant in the...

Biology
1.2K views

The phylogenetic diversity phylogenic tree of a virus should resemble O That of the species...

Geometry
1.2K views

1 In the diagram below determine the value of to the nearest tenth 119 70...

Basic Math
1.2K views

Assume that the salaries of elementary school teachers in the United States are normally distributed...

Calculus
1.2K views

x 3 dx x What is F x O F x x 3 C O...

Calculus
1.2K views

2 While in the barrel of a tennis ball machine the acceleration a in m...

Accounting
1.2K views

What are the three broad restrictions on taxpayer behavior? How do these doctrines affect taxpayer...

Accounting
1.2K views

What are the basic pillars of sustainability report? Explain the importance of each of them...

Accounting
1.2K views

Yuwwell Corporation's direct labor budget for next year contained the following information: The company uses...

Finance
1.2K views

Ever since your first birthday, your parents have been depositing $1,100 into a college savings...

Accounting
1.2K views

3.On February 1, 2019, Nelson Corporation purchased a parcel of land as a factory site...