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C is corrent. The only time an entry related to the issuance and exercise of stock rights, which affects the equity accounts of a corporation, is recorded is on the date of exercise. At the date of issuance, only a memorandum entry is recorded, and on the date the rights lapse, no entry is recorded. The redemption of the rights issued to the shareholders should be treated like a dividend. Accordingly, retained earnings will be decreased by the amount paid to the shareholders ($.10 X 240,000 rights = $24,000).
A is incorrect. The only time an entry related to the issuance and exercise of stock rights, which affects the equity accounts of a corporation, is recorded is on the date of exercise. At the date of issuance, only a memorandum entry is recorded, and on the date the rights lapse, no entry is recorded. The redemption of the rights issued to the shareholders should be treated like a dividend. Accordingly, retained earnings will be decreased by the amount paid to the shareholders ($.10 X 240,000 rights = $24,000). 
A is incorrect. The only time an entry related to the issuance and exercise of stock rights, which affects the equity accounts of a corporation, is recorded is on the date of exercise. At the date of issuance, only a memorandum entry is recorded, and on the date the rights lapse, no entry is recorded. The redemption of the rights issued to the shareholders should be treated like a dividend. Accordingly, retained earnings will be decreased by the amount paid to the shareholders ($.10 X 240,000 rights = $24,000). 
D is incorrect. The only time an entry related to the issuance and exercise of stock rights, which affects the equity accounts of a corporation, is recorded is on the date of exercise. At the date of issuance, only a memorandum entry is recorded, and on the date the rights lapse, no entry is recorded. The redemption of the rights issued to the shareholders should be treated like a dividend. Accordingly, retained earnings will be decreased by the amount paid to the shareholders ($.10 X 240,000 rights = $24,000).