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Determine balance in retained earnings after stock dividend

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Reference no: EM133008088

Question - On December 31, 2020, Talbot Corporation's common shares had a market price of $25 per share before any stock dividend or split, and the shareholders' equity section of the balance sheet appeared as follows:

Common shares: unlimited shares authorized, 59,000 shares issued and outstanding $1,094,400 Retained earnings 1,542,000 Total shareholders' equity $2,636,400

On December 31, 2020, the board of directors of Talbot Corporation declared a 20% stock dividend. On January 15, 2021, the new shares were issued.

Prepare the journal entries to record the stock dividend

2 bar for 2020

2 bar for 2021

Determine the balance in Retained Earnings after the stock dividend.

Reference no: EM133008088

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