On December 31, 2022, Illini Inc. reported 200,000 shares of its $4 par value common stock outstanding. On January 31, 2023, when the market price of the stock was $10, the corporation declared a 15% stock dividend to be issued to stockholders of record on February 14, 2023. What was the impact of the 15% stock dividend on the balance of the retained earnings account

Answer rating: 100% (QA)

A stock dividend represents a distribution of additional shares of stock to existing shareholders ty... View the full answer