on June $30.$ On July $1,$ Meyer Company declared a $1-$for$-2$ reverse stock split. The market price of the Meyer Company stock was $$14\mathrm{.}40$ just before the split.

Which of the following is one effect on the day the stock split occurs?

Select one:

a$.$ The market price of the stock increases to $$28\mathrm{.}80$ per share

b$.$ Total shareholders' equity decreases by $$8,400$

c$.$ Common stock increases by $$4,200$

d$.$ Retained earnings increases by $$4,200$