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Business, 14.04.2020 22:45 glamorouspotato1251

Jack Company owned 20,000 shares of King Company that were purchased in 2014 for $500,000. On May 1, 2018, Jack Company declared a property dividend of 1 share of King for every 10 shares of Jack stock. On that date, there were 50,000 shares of Jack stock outstanding. The market value of the King stock was $30 per share on the date of declaration and $32 per share on the date of distribution.
By how much is retained earnings reduced by the property dividend?

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Jack Company owned 20,000 shares of King Company that were purchased in 2014 for $500,000. On May 1,...
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