On January 1, 2017. Vancleave Corporation had 110,000 shares of its 5.001 par value common stock outstanding. On November 27. when the market price of the stock was $8, the corporation declared a 10% stock dividend to be issued to stockholders of record on December 28,2017 . What was the impact of the 10% stock dividend on the balance of the retained earnings account? $88,000 decrease 4 No effect 577,000 decrease $11,000 decrease