CBA Inc. has 280,000 shares outstanding with a $10.5 par value. The shares were issued for $20.5. The stock is currently selling for $32.5. CBA has $8,000,000 in retained earnings and has declared a stock dividend that will increase the number of outstanding shares by 11.50%. What will be the "capital in excess of par account" after the stock dividend?

Multiple Choice

• $4,721,900

• $3,508,400

• $11,508,400

• $2,800,000