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Question - The stockholders' equity section of Waterway Industries as of December 31, 2020, was as follows:
Common stock, par value $2; authorized 19300 shares; issued and outstanding 9650 shares $19300
Paid-in capital in excess of par 33000
Retained earnings 88000
$140300
On March 1, 2021, the board of directors declared a 16% stock dividend, and accordingly 1544 additional shares were issued. On March 1, 2021, the fair value of the stock was $7 per share. For the two months ended February 28, 2021, Waterway sustained a net loss of $15200.
Required - What amount should Waterway report as retained earnings as of March 1, 2021?
a. $61992.
b. $66624.
c. $75692.
d. $80324.
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