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M. Wauboosie Company has 280,000 shares of $10 par value common stock outstanding. During the year M. Wauboosie declared a 5% stock dividend when the

M. Wauboosie Company has 280,000 shares of $10 par value common stock outstanding. During the year M. Wauboosie declared a 5% stock dividend when the market price of the stock was $24 per share. Two months later M. Wauboosie declared a $.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by:

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