Question: On January 1 , 2 0 2 0 , Windsor Corporation had $ 2 , 0 0 0 , 0 0 0 of $ 1

On January 1,2020, Windsor Corporation had $2,000,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,040,000. The company issued 235,000 shares of common stock at $12 per share on July 1. On December 15, the board of directors declared a 15\% stock dividend to stockholders of record on December 31,2020, payable on January 15,2021. The market value of Windsor Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $535,000.

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