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S.B. Industries began the year with 400,000 shares of $1 par common stock and retained...

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Accounting

S.B. Industries began the year with 400,000 shares of $1 par common stock and retained earnings of $2,000,000. Early in the year, S.B. declared and distributed a 40% stock dividend when shares were trading at $6 per share. Near the end of the year, S.B. declared a cash dividend of $0.50 per share, payable in the following year.
S.B.'s end of the year retained earnings balance was:
Select one:
a. $760,000
b. None of the Retained Earnings amounts are correct.
c. $1,720,000
d. $1,560,000
e. $1,640,000

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