Information taken from Jamestown Corp.s balance sheet as of April 1, 2014, follows: Common shares, 375,000 shares

Question:

Information taken from Jamestown Corp.’s as of April 1, 2014, follows:
Common shares, 375,000 shares authorized,
150,000 shares issued and outstanding........................................................ $1,102,500
Retained earnings............................................................................................. 633,000

On April 1, Jamestown declares and distributes a 10% share The market value of the shares on this date is $25. Prepare the equity section for Jamestown immediately following the share (assume all dividends are debited directly to Retained Earnings).

Balance Sheet
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