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MMLU / A company whose stock is trading at 10persharehas1,000sharesof1 par…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

A company whose stock is trading at 10persharehas1,000sharesof10 per share has 1,000 shares of 1 par common stock outstanding when the board of directors declares a 30% common stock dividend. Which of the following adjustments should be made when recording the stock dividend?
Plain-text mathematical notation (without MathML)
A company whose stock is trading at 10persharehas1,000sharesof1 par common stock outstanding when the board of directors declares a 30% common stock dividend. Which of the following adjustments should be made when recording the stock dividend?
Original LaTeX notation
A company whose stock is trading at $10 per share has 1,000 shares of $1 par common stock outstanding when the board of directors declares a 30% common stock dividend. Which of the following adjustments should be made when recording the stock dividend?

choices

  1. Treasury stock is debited for $300.
  2. Additional paid-in capital is credited for $2,700.
  3. Retained earnings is debited for $300.
  4. Common stock is debited for $3,000.

subject

professional_accounting

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Source and history

task_id
e85b1795-03bb-5bbf-9e23-358e38221958
task_key
all--test--e85b1795-03bb-5bbf-9e23-358e38221958
task_revision_id
1
config / split
all / test

Official source

initial import