On June 30,2017,Texas,Inc On July 1,2017,the Company Declared and Distributed a 11% Stock

question 15

Multiple Choice

On June 30,2017,Texas,Inc.showed the following data on the equity section of their balance sheet: $$\begin{array} { | l | r | } \hline \text { Stockholders' Equity } & \\\hline \text { Common Stock, } \$ 1 \text { par; } 195,000 \text { shares authorized, } & \\149,000 \text { shares issued and outstanding } & \$ 149,000 \\\hline \text { Paid-In Capital in Excess of Par-Common } & \$ 260,000 \\\hline \text { Retained Earnings } & \$ 949,000 \\\hline \text { Total Stockholder's Equity } & \$ 1,358,000 \\\hline\end{array}$$ On July 1,2017,the company declared and distributed a 11% stock dividend.The market value of the stock at that time was $20 per share.As a result of this stock dividend,what is the balance of Retained Earnings?

• A)$770,580
• B)$951,000
• C)$981,780
• D)$621,200