DePaul University Info for Decision Making Using Codification Accounting Questions
Question Description
I’m working on a accounting writing question and need guidance to help me understand better.
DePaul Inc. has 1,500,000 shares of $1 par value common stock outstanding. The stock was originally issued for $5 per share in March, 2017.On April 1, 2021, Smith declared a 10% stock dividend for shareholders of record when the fair value of the companys common stock was $30 per share. The stock dividend was distributed on April 30, 2021.The staff accountant is unsure of how much to reduce Retained Earnings for the impact of the stock dividend.
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Accounting Issue: How much should DePaul decrease Retained Earnings for the impact of the stock dividend?
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GAAP Codification Reference:_______________________
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Your interpretation of the guidance: What is the correct amount to decrease Retained Earnings for the stock dividend?(when entering do not use $ signs, commas or decimals)
Use the Codification site with the link provided below for the codification reference that is needed to answer the question.
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