On January 1, 2022, Vancleave Corporation had 110,000 shares of its 1 par value ordinary shares outstanding. On November 27, when the market price of a share was 8, the corporation declared a 10% share dividend to be issued to shareholders of record on December 28, 2022. What was the impact of the 10% share dividend on the balance of the retained earnings account? 11,000 decrease 77,000 decrease 88,000 decrease No effect