13. Rayan Company has 420,000 shares of $10 par value ordinary shares outstanding. During the year Rayan declared a 5% share dividend when the market price of the shares was $36 per share. Three months later Rayan declared a $.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by (2 points) 51.020.600 5474,600 5285.600 5462.000