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What reduction was recorded in the reported amount

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Reference no: EM131771033

Question - The Monroe Corporation has 100,000 common shares issued and outstanding. This stock was issued several years ago at a price above the $10 per share par value. During the current year, the board of directors declared a 30 percent stock dividend so that 30,000 new shares were issued to the stockholders when the price of the stock was $30 per share. As a result of this dividend, what reduction was recorded in the reported amount of retained earnings?

A. zero

B. 300K

C. 600K

D. 900K

Reference no: EM131771033

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