On July 1, 20x5, Blaylock Corp
On July 1, 20x5, Blaylock Corporation had 40,000 shares of its $100 par value common stock outstanding. On July 2, 20x5, Blaylock declared a 15 percent stock dividend to be distributed on August 6, 20x5, to shareholders of record on July 16, 20x5. What amount of retained earnings should be transferred to contributed capital because of this dividend?
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