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Masterson Company has 440,000 shares of $19 par value common stock outstanding. During the year Masterson declared a 14% stock dividend when the market price

Masterson Company has 440,000 shares of $19 par value common stock outstanding. During the year Masterson declared a 14% stock dividend when the market price of the stock was $28per share. Three months later Masterson declared a $.40 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by what amount?

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