Crane Company has $503000$ shares of $$10$ par value common stock outstanding. During the year Crane declared a $16\%$ stock dividend

when the market price of the stock was $$35$ per share. Three months later Crane declared a $$0\mathrm{.}70$ per share cash dividend. As a result

of the dividends declared during the year, retained earnings decreased by

$$497970.$

$$474200.$

$$3225236.$

$$2816800.$