ACCOUNTING Ch. 18 Test 9. 10,00 points MC Qu. 73 LO 18-08 On October 1, 2016.. O

Question

ACCOUNTING Ch. 18 Test 9. 10,00 points MC Qu. 73 LO 18-08 On October 1, 2016.. On October 1, 2016, Chief Corporation declared and issued a 15% stock doen. Before this date, Chier had 87000 shares of $5 par common stock outstanding. The market value of Chief Corporation on the date of declaration was $10 per share. As a resuilt of this dividend. Chief's retained earnings wi O Increase by $130.500 O Not change. O Decrease by $132.000 O Decrease by $130,500 Multiple Choice Mc Qu 73 LO 18-08 On October 1, 2016. TOSHIBA esc

Explanation / Answer

Answer is Decrease by $130,500 Explanation: Number of Shares: 87000 shares Stock dividend @15% 13050 shares (i.e. 87000 shares @15%) Price per share 10 Stock dividend (13050 shares @10) 130500

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