CPA Far Quiz
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SELECT FINANCIAL STATEMENT ACCOUNTS
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Phoenix Industries has 200,000 shares of $10 par value common stock outstanding and retained earnings of $1,500,000. The company declared a property dividend consisting of investment securities with a carrying value of $180,000 and fair value of $220,000 on the declaration date. The fair value was $210,000 on the payment date. What is the net effect on retained earnings from this property dividend?
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