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On October 1, 2021, Chief Corporation declared and issued a 11% stock dividend. Before this date, Chief had 90,000 shares of $5 par common stock

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On October 1, 2021, Chief Corporation declared and issued a 11% stock dividend. Before this date, Chief had 90,000 shares of $5 par common stock outstanding. The market price of Chief Corporation on the date of declaration was $10 per share. As a result of this dividend, Chief's retained earnings will: Multiple Choice Increase by $99,000. Decrease by $101.000. O Decrease by $99,000. O O Not change

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