Question: ABC declared a common stock dividend on March 10, at which time its shares were selling for $15 per share and 10,500 shares were outstanding.

ABC declared a common stock dividend on March 10, at which time its shares were selling for $15 per share and 10,500 shares were outstanding. After the dividend, because only 13,650 shares were outstanding, some shareholders received fractional share rights. If the provisions of the dividend provided that one share was to be issued for each three shares previously owned, there must have been:

		A. 1,050 fractional share rights outstanding.
		B. 350 fractional share rights outstanding.
		C. 117 fractional share rights outstanding.
		D. Fractional shares outstanding not determinable based on the information given.

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