Reformulated Capital Structure. Blake Company's capital structure on December 30, 20X1, was:
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Common stock ($1 par, 100,000 shares)
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$100,000
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Paid-in capital on common stock
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20,000
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Retained earnings
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680,000
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Total stockholders' equity
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$800,000
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The company's net income for 20X1 was $150,000. It paid out 40 percent of earnings in dividends. The stock was selling at $6 per share on December 30.
Assuming the company declared a 5 percent stock dividend on December 31, what is the reformulated capital structure on December 31?