On January 31, Year 2, Village Bank had 520,000 shares of $3 par value common stock outstanding. On that date, the company declared a 11% stock dividend when the market price of the stock was $38 per share. The immediate effect of this dividend upon Village Bank was: Multiple Cholce A reduction in retained earnings of $2$73,600 A tiablity to the stockholders of $171,600 A reduction in retained earnings of $171600. A reduction in carth of $2573600