Brave Industries owned investment securities with a book value of $20 million on August 12. At that time, Brave's board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows: Declaration --- August 12 Date of record --- September 1 Distribution date --- September 20 By how much is total stockholder' equity reduced by the property dividend? O $31 million O $30 million O $27 million O $20 million $28 million 30 million 31 million
Brave Industries owned investment securities with a book value of $20 million on August 12. At that time, Brave's board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows: Declaration --- August 12 Date of record --- September 1 Distribution date --- September 20 By how much is total stockholder' equity reduced by the property dividend? O $31 million O $30 million O $27 million O $20 million $28 million 30 million 31 million
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
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![Brave Industries owned investment securities with a book value of $20 million on August 12. At that time, Brave's board of directors declared a property
dividend consisting of these securities. The fair value of the securities was as follows:
Declaration --- August 12
Date of record --- September 1
Distribution date --- September
20
By how much is total stockholder' equity reduced by the property dividend?
$31 million
$30 million
$27 million
$20 million
$28
million
30
million
31
million](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feae96a56-925a-490a-8f60-d14e46172ab1%2Fc0b7f17a-af6a-487e-a55f-5704deaf3516%2F76s2lti_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brave Industries owned investment securities with a book value of $20 million on August 12. At that time, Brave's board of directors declared a property
dividend consisting of these securities. The fair value of the securities was as follows:
Declaration --- August 12
Date of record --- September 1
Distribution date --- September
20
By how much is total stockholder' equity reduced by the property dividend?
$31 million
$30 million
$27 million
$20 million
$28
million
30
million
31
million
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