On may 1 2004 lett corp. declared and issued a 15 common, Ask an Expert

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On May 1, 2004 Lett Corp. declared and issued a 15% common stock dividend. Prior to this dividend, Lett had 100,000 shares of $1 par value common stock issued and outstanding. The fair value of Lett's common stock was $20 per share on May 1, 2004. As a result of this stock dividend, Lett's total stockholders' equity

a. increased by $300,000.

b. decreased by $300,000.

c. decreased by $15,000.

d. did not change.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9442477

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