Business, 11.09.2019 05:30 thegreentnt5025

Gibbs corporation owned 20,000 shares of oliver corporation's $5 par value common stock. these shares were purchased in 2009 for $240,000. on september 15, 2013, gibbs declared a property dividend of one share of oliver for every ten shares of gibbs held by a stockholder. on that date, when the market price of oliver was $21 per share, there were 180,000 shares of gibbs outstanding. what net reduction in retained earnings would result from this property dividend?
a. $162,000 b. $378,000 c. $108,000 d. $216,000

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Gibbs corporation owned 20,000 shares of oliver corporation's $5 par value common stock. these share...

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