The Michael Company's stockholders' equity accounts have the following balances as of December 31, 2016: Common stock, $20 par 25,000 shares issued of which
On January 2, 2017, the board of directors of Michael declared a 10% stock dividend to be distributed on February
15, 2017. The market price of Michael Company's common stock was $75 per share on January 2, 2017. On the date of declaration, the retained earnings account should be decreased by

Question

The Michael Company's stockholders' equity accounts have the following balances as of December 31, 2016: Common stock, $20 par 25,000 shares issued of which 
 On January 2, 2017, the board of directors of Michael declared a 10% stock dividend to be distributed on February
15, 2017. The market price of Michael Company's common stock was $75 per share on January 2, 2017. On the date of declaration, the retained earnings account should be decreased by

Quizplus · Accepted Answer

The Answer of The Michael Company's stockholders' equity accounts have the following balances as of December 31, 2016: Common stock, $20 par 25,000 shares issued of which 
 On January 2, 2017, the board of directors of Michael declared a 10% stock dividend to be distributed on February
15, 2017. The market price of Michael Company's common stock was $75 per share on January 2, 2017. On the date of declaration, the retained earnings account should be decreased by

The Michael Company's Stockholders' Equity Accounts Have the Following Balances