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Business, 02.09.2019 22:10 kaylynnstanley22
In 20x5, elm corp. bought 10,000 shares of oil corp. at a cost of $20,000. on january 15, 20x6, elm declared a property dividend of the oil stock to shareholders of record on february 1, 20x6, payable on february 15, 20x6. during 20x6, the oil stock had the following market values: january 15$25,000february 126,000february 1524,000the net effect of the foregoing transactions on retained earnings during 20x6 should be a reduction of a) $20,000 b) $24,000 c) $25,000 d) $26,000
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In 20x5, elm corp. bought 10,000 shares of oil corp. at a cost of $20,000. on january 15, 20x6, elm...
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