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The balance sheet of Harvest Company included the following shareholders' equity accounts at December 31, 2022: Common stock, 500,000 shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholder equity $500,000 2,500,000 2.000.000 $5,000,000 During 2023, the following transactions occurred 1. On May 3, 2023, a 5-for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% stock dividend. The market value of the 51 par common stock was $8 per share 2.On July 5, 2023, a 4% common stock dividend was declared and distributed. The market value of the common stock was 56 per share 3.On December 1, 2023, the board of directors declared a cash dividend of 50.4 per share on its common shares, payable on December 28 to shareholders Determine the amount of cash dividend paid to shareholders on December 28, 2023 O $2,580,000 $2,500,000 O $2,490,000 O $2,615,000

The balance sheet of Harvest Company included the following shareholders' equity accounts at December 31, 2022: Common stock, 500,000 shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholder equity $500,000 2,500,000 2.000.000 $5,000,000 During 2023, the following transactions occurred 1. On May 3, 2023, a 5-for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% stock dividend. The market value of the 51 par common stock was $8 per share 2.On July 5, 2023, a 4% common stock dividend was declared and distributed. The market value of the common stock was 56 per share 3.On December 1, 2023, the board of directors declared a cash dividend of 50.4 per share on its common shares, payable on December 28 to shareholders Determine the amount of cash dividend paid to shareholders on December 28, 2023 O $2,580,000 $2,500,000 O $2,490,000 O $2,615,000

FINANCIAL ACCOUNTING
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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The balance sheet of Harvest Company included the following shareholders' equity accounts at December 31, 2022 Common stock, 500,000 shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholder equity $500,000 2,500,000 2,000,000 $5,000,000 During 2023, the following transactions occurred 1. On May 3, 2023, a 5-for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% stock dividend. The market value of the 51 par common slock was $8 per share 2. On July 5, 2023, a 4% common stock dividend was declared and distributed. The market value of the common stock was $6 per share. 3. On December 1, 2023, the board of directors declared a cash dividend of 504 per share on its common shares, payable on December 28 to shareholders. Determine the amount of cash dividend paid to shareholders on December 28, 2023 O $2,580,000 O $2,900,000 O $2,490,000 012615,000
Transcribed Image Text:The balance sheet of Harvest Company included the following shareholders' equity accounts at December 31, 2022 Common stock, 500,000 shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholder equity $500,000 2,500,000 2,000,000 $5,000,000 During 2023, the following transactions occurred 1. On May 3, 2023, a 5-for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% stock dividend. The market value of the 51 par common slock was $8 per share 2. On July 5, 2023, a 4% common stock dividend was declared and distributed. The market value of the common stock was $6 per share. 3. On December 1, 2023, the board of directors declared a cash dividend of 504 per share on its common shares, payable on December 28 to shareholders. Determine the amount of cash dividend paid to shareholders on December 28, 2023 O $2,580,000 O $2,900,000 O $2,490,000 012615,000
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