CBA Inc has 400,000 shares outstanding with a $5 par value. The shares were issued for $12.
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CBA Inc has 400,000 shares outstanding with a $5 par value. The shares were issued for $12. The stock is currently selling for $34. CBA has $5,000,000 in retained earnings and has declared a stock dividend that will increase the number of outstanding shares by 6%. What will be the "capital in excess of par account" after the stock dividend?
$7,685,000
$2,685,000
$3,496,000
$2,385,000
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