Transferred to contributed capital

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Reference no: EM13153459

On July 1, 2010, Tobias Corporation had 20,000 shares of its $100 par value common stock outstanding. On July 2, 2010, Tobias declared a 15 percent stock dividend to be distributed on August 6, 2010, to shareholders of record on July 16, 2010. What amount of retained earnings should be transferred to contributed capital because of this dividend?

Reference no: EM13153459

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