On january 1 2010 the board of directors of goby inc., Ask an Expert

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On January 1, 2010, the board of directors of Goby Inc. declared a $540,000 dividend. The following data are from the balance sheet of Goby on that date:

Common stock $500,000
Paid-in capital - excess of par $300,000
Retained earnings $400,000
Paid-in capital from sale of treasury stock $ 50,000

How much is the liquidating dividend?

A) $140,000

B) $240,000

C) $290,000

D) None of the above is correct.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9443221

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