DuBois, Inc. announces a large stock dividend of 65% of the 4.96 million outstanding shares of common stock. The current price per share is $13.85. Par value of the stock is $0.01 per share. What effect does this dividend have on retained earnings?
A. $49,600 decrease
B. $32,240 decrease
C. $44,652,000 decrease
D. $11,591,288 decrease
E. None of the above
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