Problemgordons meats has 6500 shares of stock outstanding, Ask an Expert

Accounting

Problem:

Gordon's Meats has 6,500 shares of stock outstanding. The market value is $26.50 per share. The statement of financial position shows $48,200 common stock account, and $142,900 in the retained earnings account. The firm just announced a 5 percent stock dividend.

Required:

Question: What will the balance be in the common stock and retained earnings accounts after the dividend?

Note: Please explain comprehensively and give step by step solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91166040

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