Luna Corp. has 220,000 shares of $6-par common stock outstanding. They have declared a 10% stock dividend. The current market price of the common stock is $14/share. What is the amount that will be credited to Common Stock on the date of declaration?
A) $132,000
B) $440,000
C) $308,000
D) $184,800
A) $132,000
Explanation: credit common stock for shares × rate × par; ex: 220,000 × 10% × $6 = $132,000
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