On January $1,2021,$ Cullumber Corporation had $120000$ shares of its $$0\mathrm{.}001$ par value common stock outstanding. On November $27,$

when the market price of the stock was $$7,$ the corporation declared a $10\%$ stock dividend to be issued to stockholders of record on

December $28,2021.$ What was the impact of the $10\%$ stock dividend on the balance of the retained earnings account?

$$84000$ decrease

No effect

$$12000$ decrease

$$72000$ decrease