Arthur's Pass Inc. has 200,000 common shares outstanding, each selling at a market price of $12. The par (book) value of its common shares is $2 per share. The firm currently has retained earnings of $800,000 on its statement of financial position. If the firm declares a 30% stock dividend, what will be the amount shown for retained earnings on the statement of financial position?

$60,000

$70,000

$90,000

$80,000

$100,000