Financial Accounting Quiz
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On December 1, Kelvin Corp. declared a 10% stock dividend on its 300,000 outstanding shares of $2 par value common stock. The market value of the stock was $15 per share. The dividend declaration stipulated that fractional share rights for 500 equivalent shares would be paid in cash. What is the total amount that should be debited to Retained Earnings for this stock dividend and the settlement of fractional shares?
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