On January 1, 2021, Concord Corporation, declared a 10% stock dividend on its common stock when the fair value of the common stock was $32 per share. Stockholders' equity before the stock dividend was declared consisted of:

Common stock, $10 par value, authorized 200,000 shares;

issued and outstanding 122000 shares $1220000

Additional paid-in capital on common stock 149000

Retained earnings 713000

Total stockholders' equity ______________

$2082000

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What was the effect on Concord's retained earnings as a result of the above transaction?