Riverton, Inc

Multiple Choice

Riverton, Inc. declares a small stock dividend of 8.0% of the outstanding shares of common stock. Currently, Riverton, Inc. has 1,500,000 shares of $1 par value common stock outstanding. The current market price of the stock is $121.28 per share.
Riverton Partners will record a stock dividend in the amount of:

A) $ 1,300,000
B) $98,540,000
C) $13,613,600
D) $14,553,600
E) None of the above