On june 1, 20×5, jomax corporation had 60,000 shares of $10 par value common stock outstanding. on june 2, 20×5, jomax declared a 40 percent stock dividend to be distributed on july 5, 20×5, to shareh

On june 1, 20×5, jomax corporation had 60,000 shares of $10 par value common stock outstanding. on june 2, 20×5, jomax declared a 40 percent stock dividend to be distributed on july 5, 20×5, to shareholders of record on june 15, 20×5. what amount of retained earnings should be transferred to contributed capital because of this dividend? none par value per share multiplied by the number of dividend shares market value of the stock at the date of distribution multiplied by the number of dividend shares market value of the stock at the date of declaration multiplied by the number of dividend shares