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Dules Inc. announces a large stock dividend of 65% of the 5.21 million outstanding shares of common stock. The current price per share is

Dules Inc. announces a large stock dividend of 65% of the 5.21 million outstanding shares of common stock. The current price per share is $13.85. Par value of the stock is $0.01 per share. What effect does this dividend have on retained earnings? Select one: a. $46,903,025 decrease b. $33,865 decrease c. None of these are correct. d. $52,100 decrease e. $18,235 decrease

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