On June 30, 2018, Chris Brothers, Inc. showed the following data on the equity section of their balance sheet:
On July 1, 2018, 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) $457,880
Explanation: $271,000 + (11,680 shares × $16 per share) = $457,880
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