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On January 1, 2017, Vancleave Corporation had 110,000 shares of its $.001 par value common stock outstanding. On November 27 , when the market price of the stock was $8, the corporation declared a 10% stock dividend to be issued to stockholders of record on December 28,2017. What was the impact of the 10% stock dividend on the balance of the retained earnings account? $88,000 decrease $11,000 decrease $77,000 decrease No effect