Lowell Company announces a small stock dividend of 5% of the 2 million outstanding shares of common stock. The current price per share is $20.00. Par value of the stock is $1 per share. What effect does this dividend have on retained earnings? A. $2,000,000 decrease B. $2,000,000 increase C. $8,936,000 decrease D. $3,823,280 decrease E. None of the above