The Matt Tress Sofa Company has 11,000 shares of $2 par common stock outstanding. On August 22, 2019, a 3% stock dividend was declared to be distributed on September 30, 2019. The market value of the stock on August 22 was $21; the market value on September 30 was $18. What is the amount to be debited to the Retained Earnings account on August 22?
A) $6,270.
B) $990.
C) $5,940.
D) $6,930.
Correct Answer:
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