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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