(5 points) Tamarind Co. issued an 18% common stock dividend. Their common stock has a par value of $1 per share. Market value of the stock was $8 on the day the dividend was declared and $11 on the day the dividend was issued. How much will retained earnings drop because of the dividend, assuming Tamarind Co. has 1,375,000 shares of common stock outstanding? (LE 17 & 21) $247,500 $2,722,500 The retained earnings balance isn't affected by a stock dividend. $1,980,000