What was dollar amount of retained earnings after transfer

Reference no: EM13304874

Ducheyne Electric recently declared a 15 percent stock dividend. On the date of the stock dividend Ducheyne had 16 million shares outstanding priced at $46 per share in the market. An accounting entry was required on the balance sheet transferring some retained earnings to the common stock account. If retained earnings was $280 million prior to the transaction, what was the dollar amount of retained earnings after the transfer?

$280.0 million
$110.4 million
$234.0 million
$277.6 million
$169.6 million

Reference no: EM13304874

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