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Business, 19.05.2020 18:06 aliyahmuhammad5197

Boxer Company owned 20,000 shares of King Company that were purchased in 2019 for $500,000. On May 1, 2021, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 50,000 shares of Boxer stock outstanding. The market Price 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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Boxer Company owned 20,000 shares of King Company that were purchased in 2019 for $500,000. On May 1...
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