Question
A company reported the following amounts on its balance sheet at January 1, 2015: Common Stock,...
A company reported the following amounts on its balance sheet at January 1, 2015:
Common Stock, $10 par $ 25,500
APIC- Common 75,200
Retained Earnings 93,000
On Nov. 5, 2015 the company declared and distributed a 4% stock dividend on common stock when the stock was selling at $23 per share. On December 31, 2015, the company reported yearly net income to be $32,000. What is the Dec 31, 2015 balance in Retained Earnings and APIC – Common after closing entries?
A.
Retained Earnings APIC - Common
$122,654 $76,526
B.
Retained Earnings APIC - Common
$125,000 $75,200
C.
Retained Earnings APIC - Common
$125,000 $76,526
D.
Retained Earnings APIC - Common
$122,654 $75,200
E.
Retained Earnings APIC - Common
$123,980 $76,526
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