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On March 1, 2019, Baltimore Corporation had 65,000 shares of common stock outstanding with a par value of $5 per share
On March 1, 2019, Baltimore Corporation had 65,000 shares of common stock outstanding with a par value of $5 per share. On March 1, Baltimore Corporation authorized a 15% stock dividend when the market value was $10 per share. Use this information to calculate the amount either (debited) or credited to retained earnings. Enter as a negative number if retained earnings is debited and a positive number if retained earnings is credited.
Expert Solution
Computation of Amount either (debited) or credited to Retained Earnings:
Total Stock dividend = Shares outstanding * Dividend Rate * Par Value per Share
= 65,000 shares * 15% * $5
= $48,750
So, Retained Earnings to be Debited by $48,750.
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