Danio Corp. has 380,000 shares of $4-par common stock outstanding. They have declared a 5% stock dividend. The current market price of the common stock is $7.50/share. What is the amount that will be credited to common stock on the date of declaration?
A) $76,000
B) $142,500
C) $19,000
D) $218,500
A) $76,000
Explanation: credit common stock for shares × rate × par; ex: 380,000 × 5% × $4 = $76,000
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