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Culver Corporation had 110,00 sres if it's $5 par value common stock outstanding. On June 1, the corporation acquired 10,000 shares of stock to be held in treasury. On December 1, when the market price of the stock was $8, the corporation declaed a 10% stock dividend to be issued to stockholders of record on December 16, 2010. What was the impact of the 10% stock dividend on the balance of retained earnings account?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9949187

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