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What is the amount of the debit to retained earnings

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Reference no: EM132816982

Question - The stockholders' equity of the Company at July 31st is presented below:

Common stock, par value $20, authorized 400,000 shares; issued and outstanding 160,000 shares $3,200,000

Paid-in capital in excess of par 160,000

Retained earnings 650,000

$4,010,000

On August 1st, the board of directors of Howell declared a 15% stock dividend on common stock, to be distributed on September 15th. The market price of the Company's common stock was $70 on August 1st. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend?

a. $1,824,000.

b. $960,000.

c. $1,680,000.

d. $1,200,000.

Reference no: EM132816982

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