[cyntroussel]

On December 31, 2003, the stockholders' equity section of Clark,
Inc. was as follows:

Common stock, par value $10; authorized 30,000 shares;
issued and outstanding 18,000 shares $180,000
Additional paid-in capital 232,000
Retained earnings 522,000
————————
Total stockholders' equity $934,000

On March 31, 2004, Clark declared a 10% stock dividend, and
accordingly 1800 additional shares were issued, when the fair market
value of the stock was $27 per share. For the three months ended
March 31, 2004, Clark sustained a net loss of $96,000. The balance
of Clark's retained earnings as of March 31, 2004, should be
a. $404,400.
b. $426,000.
c. $399,000.
d. $377,400.

[cyntroussel]

On December 31, 2003, the stockholders' equity section of Clark,
Inc. was as follows:

Common stock, par value $10; authorized 30,000 shares;
issued and outstanding 18,000 shares $180,000
Additional paid-in capital 232,000
Retained earnings 522,000
————————
Total stockholders' equity $934,000

On March 31, 2004, Clark declared a 10% stock dividend, and
accordingly 1800 additional shares were issued, when the fair market
value of the stock was $27 per share. For the three months ended
March 31, 2004, Clark sustained a net loss of $96,000. The balance
of Clark's retained earnings as of March 31, 2004, should be
a. $404,400.
b. $426,000.
c. $399,000.
d. $377,400.

[morgaine300]

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