Determine what was the impact of the stock dividend

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Problem 1: On January 1, 2004, Shyrr Corporation had 110,000 shares of its P5 par value common stock outstanding. On June 1, the corporation acquired 10,000 shares of stock to be held in the treasury. On December 1, when the market price of the stock was P8, the corporation declared a 15% stock dividend to be issued to stockholders of record on December 16, 2004.

Question 1: What was the impact of the 15% stock dividend on the balance of the retained earnings account? (Indicate just the amount.)

Reference no: EM132466980

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