What is the amount of the debit to retained earnings

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Question - The stockholders' equity of Concord Corporation at July 31, 2021 is presented below:

Common stock, par value $20, authorized 400,000 shares; issued and outstanding 170000 shares $3400000

Paid-in capital in excess of par 168000

Retained earnings 656000

$4224000

On August 1, 2021, the board of directors of Concord declared a 16% stock dividend on common stock, to be distributed on September 15th. The market price of Concord's common stock was $68 on August 1, 2021, and $74 on September 15, 2021. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend?

Reference no: EM132906039

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