On January 2, 2014 the board of directors of Moorehaven Mining Corporation declared a cash dividend of $1,200,000 to stockholders of record on January 18, 2014, and payable on February 10, 2014 . The dividend is permissible by law in Moorehaven's state of incorporation. Selected data from Moorehaven's December 31 . 2013 . balance sheet follow: Accumulated depletion
................................. $ 200,000 Capital stock ......................................... 1,100,000 Additional paid-in capital ............................ 800,000 Retained earnings ..................................... 500,000 The $1,200,000 dividend includes a liquidating dividend of
a. $800,000.
b. $700,000.
c. $600,000.
d. $200,000.
B
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