Business, 17.03.2020 21:32 biggy54

In 20X5, Elm Corp. bought 10,000 shares of Oil Corp. at a cost of $20,000. On January 15, 20X6, Elm declared a property dividend of the Oil stock to shareholders of record on February 1, 20X6, payable on February 15, 20X6. During 20X6, the Oil stock had the following market values:

January 15
$25,000
February 1
26,000
February 15
24,000

The net effect of the foregoing transactions on retained earnings during 20X6 should be a reduction of

a) $20,000

b) $24,000

c) $25,000

d) $26,000

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In 20X5, Elm Corp. bought 10,000 shares of Oil Corp. at a cost of $20,000. On January 15, 20X6, Elm...

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