Swifty Corporation has 492000 shares of $10 par value common stock outstanding. During the year Swifty declared a 15% stock dividend when the market price of the stock was $38 per share. Three months later Swifty declared a $0.50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by

A

$ 463900

B

$2804400

C

$ 487080

D

$3087300