A company's stockholder's equity consists of $10 par Common Stock, 40,000 shares authorized, 24,000 shares issued and 2,400 shares held in Treasury. The company declares a 15% stock dividend at a time when the market price of the share of stock is $24. The amount debited to Retained Earnings as a result of this Stock Dividend is: $36,000 $32,400 $86,400 $77,760