On January 31, Village Bank had 470,000 shares of $3 par value common stock outstanding. On that date, the company declared a 10% stock dividend when the market price of the stock was $59 per share. The immediate effect of this dividend upon Village Bank was: Multiple Choice A reduction in cash of $3,467,500. A reduction in retained earnings of $2,773,000. A reduction in retained earnings of $1,410,000. A liability to the stockholders of $1,410,000