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Lowell Company announces a small stock dividend of 25% of the 4 million outstanding shares of common stock. The current price per share is $10.00.

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Lowell Company announces a small stock dividend of 25% of the 4 million outstanding shares of common stock. The current price per share is $10.00. Par value of the stock is $1 per share. What effect does this dividend have on retained earnings? $1,000,000 $10,000,000 $5,000,000 None of the above

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