Pharoah Company has 507000 shares of $10 par value common stock outstanding. During the year Pharoah declared a 14% stock dividend when the market price of the stock was $35 per share. Three months later Pharoah declared a $0.70 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by O $2888886. O $501930. O $2484300. O $478000.

Pharoah Company has 507000 shares of $10 par value common stock outstanding. During the year Pharoah declared a 14% stock dividend when the market price of the stock was $35 per share. Three months later Pharoah declared a $0.70 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by O $2888886. O $501930. O $2484300. O $478000.

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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