On October 1, Kosko Corporation’s stockholders’ equity is as follows.
Common stock, $5 par value $400,000
Paid-in capital in excess of par value 25,000
Retained earnings 155,000
Total stockholders’ equity $580,000
On October 1, Kosko declares and distributes a 10% stock dividend when the market value of the stock is $15 per share.
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