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A company with 108,720 authorized shares of $7 par common stock issued 42,580 shares at...

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Accounting

A company with 108,720 authorized shares of $7 par common stock issued 42,580 shares at $14 per share. Subsequently, the company declared a 2% stock dividend on a date when the market price was $27 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
A. $5961
B. $17032
C. $22993
D. $58709

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