Problemon october 1 2013 chief corporation declared and, Ask an Expert

Finance

Problem:

On October 1, 2013, Chief Corporation declared and issued a 14% stock dividend. Before this date, Chief had 89,000 shares of $5 par common stock outstanding. The market value of Chief Corporation on the date of declaration was $10 per share. As a result of this dividend, Chief's retained earnings will:

Not change.
Increase by $124,600.
Decrease by $126,100.
Decrease by $124,600.

Note: Please describe comprehensively and provide step by step solution.

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Category:- Basic Finance
Reference No.:- M91175047

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