Market value of chief corporation on the date of declaration

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On October 1, 2013, Chief Corporation declared and issued a 14% stock dividend. Before this date, Chief had 89,000 shares of $5 par common stock outstanding. The market value of Chief Corporation on the date of declaration was $10 per share. As a result of this dividend, Chief's retained earnings will:

a) Not change.

b) Increase by $124,600.

c) Decrease by $126,100.

d) Decrease by $124,600.

Reference no: EM13766342

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