The stockholders' equity section of Sheffield Corp. as of December 31, 2017, was as follows: Common...
The stockholders' equity section of Sheffield Corp. as of
December 31, 2017, was as follows:
|
Common stock, par value $2; authorized 20100 shares; |
||
|
issued and outstanding 10050 shares |
$ 20100 |
|
|
Paid-in capital in excess of par |
32000 |
|
|
Retained earnings |
84000 |
|
|
$136100 |
||
On March 1, 2018, the board of directors declared a 14% stock
dividend, and accordingly 1550 additional shares were issued. On
March 1, 2018, the fair value of the stock was $5 per share. For
the two months ended February 28, 2018, Sheffield sustained a net
loss of $14800.
What amount should Sheffield report as retained earnings as of
March 1, 2015?
A. 61450
B. 69200
C. 73350
D. 81100
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