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47. A company with 100,000 authorized shares of $5 par common stock issued 40,000 shares at $7. Subsequently, the company declared 2% stock dividend on

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47. A company with 100,000 authorized shares of $5 par common stock issued 40,000 shares at $7. Subsequently, the company declared 2% stock dividend on a date when the market price was $9 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend? a. $4,000 b. $5,600 C. $18,000 d. $7,200. e. $14,000

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