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What the entry to record the declaration of the property

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Reference no: EM132936917

On September 20, 2022, Nozzle Corporation declared the distribution of the following dividend to its stockholders of record as of September 30, 2022:

Investment in 100,000 shares of Astro Corporation stock, carrying value 600,000; fair market value on September 20, 1,450,000; fair market value on September 30, 1,575,000.

Problem 1: The entry to record the declaration of the property dividend would include a debit to Retained Earnings of

a. 1,575,000.
b. 1,450,000.
c. 850,000.
d. 600,000.

Reference no: EM132936917

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