The Company has 560,000 shares of $10 par value common stock outstanding. During the year, the Company declared a 15% stock dividend when the market price of the stock was $30 per share. Four months later the Company declared a $.50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by $1,260,000 $462,000 $2,842,000 $ 420,000 Next