On January 1, 2020, Kenan Co. had 140,000 shares of its $3 par value common stock outstanding. On June 1, the corporation acquired 20,000 shares of stock to be held in the treasury. On December 1, when the market price of the stock was $5, the corporation declared a 8% stock dividend to be issued to stockholders of record on December 16, 2020. What was the impact of the 10% stock dividend on the balance of the retained earnings account