Chase Co owned 30,000 common shares of Sanborn Corporation purchased in 2008 for $540,000 . On September 20, 2014, Chase declared a property dividend of 1 share of Sanborn for every 5 shares of Chase stock held by a stockholder. On that date, there were 50,000 common shares of Chase outstanding, and the market value of Sanborn shares was $30 per share. The entry to record the declaration of the
property dividend would include a debit to Retained Earnings of
a. $0.
b. $300,000.
c. $360,000.
d. $540,000.
B
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