Metallic Steel Ltd. has 1,000,000 common shares authorized and 400,000 shares issued. The shares are currently selling for $9 each. The balance in the retained earnings account is $4,400,000. If the board of directors declares and issues a 20% stock dividend, what would be the balances after the stock dividend in # Shares Issued Retained Earnings a) 1,500,000 $6,200,000 b) 480,000 $3,680,000 c) 480,000 $6,200,000 d) 266,667 $4,400,000