On June 30,2017,Martin Brothers,Inc On July 1,2017,the Company Declared and Distributed a 8% Stock

question 1

Multiple Choice

On June 30,2017,Martin Brothers,Inc.showed the following data on the equity section of their balance sheet: $$\begin{array} { | l | r | } \hline \text { Stockholders' Equity } & \\\hline \text { Common Stock, } \$ 1 \text { par; 197,000 shares authorized, } & \\146,000 \text { shares issued and outstanding } & \$ 146,000 \\\hline \text { Paid-In Capital in Excess of Par-Common } & \$ 271,000 \\\hline \text { Retained Earnings } & \$ 941,000 \\\hline \text { Total Stockholder's Equity } & \$ 1,358,000 \\\hline\end{array}$$ On July 1,2017,the company declared and distributed a 8% stock dividend.The market value of the stock at that time was $17 per share.Following this transaction,what is the balance of Paid-In Capital in Excess of Par-Common?

• A)$227,640
• B)$523,160
• C)$271,000
• D)$457,880