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Associated Realtors declares a stock dividend of 17% of the outstanding shares of common stock. Currently, Associated has 700,000 shares of $1 par value common

Associated Realtors declares a stock dividend of 17% of the outstanding shares of common stock. Currently, Associated has 700,000 shares of $1 par value common stock outstanding. The current market price of the stock is $82.53 per share. Associated will record a reduction of retained earnings in the amount of:

a. $700,000 b. $57, 771, 000 c. $9,821,070 d. $9,702,070

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