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On June 30, 2015, EZ Financing Inc showed the following data on the equity section of their balance sheet:
Stockholders' equity |
|
|
Common stock, $1 par | 190,000 shares authorized, 140,000 shares issued and outstanding | $140,000 |
Paid-in capital in excess of par—Common |
| 260,000 |
Retained earnings |
| 940,000 |
Total stockholder's equity |
| $1,340,000 |
On July 1, 2015, EZ Financing declared and distributed a 5% stock dividend. The market value of the stock at that time was $13 per share. Following this transaction, what would the new balance in Retained Earnings be?
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