31 Jul 1 Answer
This question is due now
On June 30, 2015, EZ Financing Inc showed the following data on the equity section of their balance sheet:
| Stockholders’ equity | ||
| Common stock, $1 par | 190,000 shares authorized,
140,000 shares issued and outstanding |
$140,000 |
| Paid-in capital in excess of par—Common | 260,000 | |
| Retained earnings | 940,000 | |
| Total stockholder’s equity | $1,340,000 |
On July 1, 2015, EZ Financing declared and distributed a 5% stock dividend. The market value of the stock at that time was $13 per share. Following this transaction, what would the new balance in Retained Earnings be?
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