Question $8$ of $40$

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The stockholders' equity of Oriole Company at July $31,2026$ is presented below:

Common stock, par value $$20,$ authorized $400,000$ shares;

issued and outstanding $163000$ shares

$$3260000$

Paid$-$in capital in excess of par

$158000$

Retained earnings

$655000$

$$4073000$

On August $1,2026,$ the board of directors of Oriole declared a $14\%$ stock dividend on common stock, to be distributed on September $15$ th$.$ The market price of Oriole's common stock was $$72$ on August $1,2026,$ and $$78$ on September $15,2026.$ What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend?

$$978000.$

$$1779960.$

$$1643040.$

$$1186640.$