Oriole Company has 556000 shares of $10 par value common stock outstanding. During the year, Oriole declared a 16% stock dividend when the market price of the stock was $29 per share. Four months later Oriole declared a $0.50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by

$1289920.

$489280.

$ 444800.

$2902320.