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What is the effect of property dividends

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Question - Harmen Industries purchased 20,000 common shares of Fancy Corporation for $180,000 in 2012.

On November 25, 2019, Harmen declares a property dividend in which one share of Fancy will be distributed for every ten shares of Harmen.

At that time, the market price of Fancy is $28 per share.

If there are 180,000 shares of Harmen outstanding, What is the effect of property dividends on Harmen's retained earnings?

Reference no: EM133094937

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