On June 30, 2017, Martin Brothers, Inc showed the following data on the equity section of their balance sheet
Stockholders' Equity
Common Stock, $1 par; 197,000 shares authorized, 146,000 shares issued and outstanding $146,000
Paid-In Capital in Excess of Par-Common $271,000
Retained Earnings 941,000
Total Stockholder's Equity $1,358,000
On July 1, 2017, the company declared and distributed a 8% stock dividend. The market value of the stock at that time was $17 per share. Following this transaction, what is the balance of Paid-In Capital in Excess of Par-Common?
A) $227,640
B) $523,160
C) $271,000
D) $457,880
D .D) $271,000 + (11,680 shares x $16 per share) = $457,880
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