On June 30,2018,Padres,Inc On July 1,2018,the Company Declared and Distributed a 10% Stock

question 54

Multiple Choice

On June 30,2018,Padres,Inc.showed the following data on the equity section of their balance sheet: $$\begin{array} { | l | r | } \hline \text { Stockholders' Equity } & \\\hline \text { Common Stock, } \$ 1 \text { par; 197,000 shares authorized, } & \\146,000 \text { shares issued and outstanding } & \$ 146,000 \\\hline \text { Paid-In Capital in Excess of Par-Common } & \$ 263,000 \\\hline \text { Retained Earnings } & \$ 958,000 \\\hline \text { Total Stockholder's Equity } & \$ 1,367,000 \\\hline\end{array}$$ On July 1,2018,the company declared and distributed a 10% stock dividend.The market value of the stock at that time was $15 per share.Following this transaction,what is the number of shares issued?

• A) 86,500
• B) 297,300
• C) 160,600
• D) 146,000

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