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On October 1, 2021, a company declared and issued a 12% stock dividend. Before this...

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Accounting

On October 1, 2021, a company declared and issued a 12% stock dividend. Before this date, the company had 80,000 shares of $5 par common stock outstanding. The market price of the company's stock on the date of declaration was $10 per share. As a result of this dividend, the company's retained earnings will:

a) Not Change b) decrease by 96,000 c) Increase by 96,000 d)decrease by 96,500

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