Bonita Industries has 496000 shares of $10 par value common stock outstanding. During the year Bonita declared a 15% stock dividend when the market price of the stock was $34 per share. Three months later Bonita declared a $0.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by $ 467600 $ 491040 $2871840 $2529600