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What would the new balance in retained earnings be

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On June 30, 2015, EZ Financing Inc showed the following data on the equity section of their balance sheet:

Stockholders' equity

 

Common stock, $1 par 190,000 shares authorized, 140,000 shares issued and outstanding

$140,000

Paid-in capital in excess of par-Common

260,000

Retained earnings

940,000

Total stockholder's equity

$1,340,000

On July 1, 2015, EZ Financing declared and distributed a 5% stock dividend. The market value of the stock at that time was $13 per share. Following this transaction, what would the new balance in Retained Earnings be?

Reference no: EM131473688

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