Crane Company has 514000 shares of $10 par value common stock outstanding. During the year Crane declared a 15%stock dividend when the market price of the stock was $36 per share. Three months later Crane declared a $0.60 per sharecash dividend. As a result of the dividends declared during the year, retained earnings decreased by$3130260.$484600.$2775600.$508860.

To calculate the decrease in retained earnings due to the dividends declared during the year, we…

Answered: Crane Company has 514000 shares of $10…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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