Sheridan Company has 495000 shares of $10 par value common stock outstanding. During the year Sheridan...
Sheridan Company has 495000 shares of $10 par value common stock outstanding. During the year Sheridan declared a 16% stock dividend when the market price of the stock was $35 per share. Three months later Sheridan declared a $0.50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by
$2772000 $ 466700 $3059100 $ 490050
Homework Answers
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Stock dividend = 495,000*16% = 79,200 Stock dividend in cash = 79,200*35 = 2,772,000 Cash dividend = (495,000+79200)*0.50 = 287,100 Reduction in Retained earnings= 2,772,000+287,100 = 3,059,100 |
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Sheridan Company has 495000 shares of $10 par value common stock
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