Assignment
This question is due now
On June 30, 2015, EZ Financing Inc showed the following data on the equity section of their balance sheet:
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Stockholders' equity
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Common stock, $1 par 190,000 shares authorized, 140,000 shares issued and outstanding
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$140,000
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Paid-in capital in excess of par-Common
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260,000
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Retained earnings
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940,000
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Total stockholder's equity
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$1,340,000
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On July 1, 2015, EZ Financing declared and distributed a 5% stock dividend. The market value of the stock at that time was $13 per share. Following this transaction, what would the new balance in Retained Earnings be?