Business, 19.11.2019 00:31, Jasten

Mccaffrey corporation owned 15,000 shares of harper corporation’s $5 par value common stock. these shares were purchased in 2015 for $326,000. on may 4, 2017, mccaffrey declared a property dividend of one share of harper for every twenty shares of mccaffrey stock held by a stockholder. on that date, when the market price of harper was $34 per share, there were 280,000 shares of mccaffrey outstanding. what net reduction in retained earnings would result from this property dividend?

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Mccaffrey corporation owned 15,000 shares of harper corporation’s $5 par value common stock. these s...