The Earth Shoe Company, whose stock has a market value of $20, has the following common equity accounts on its balance sheet:

Common stock ($1 par, 1,000,000 shares)

$1,000,000

Contributed capital in excess of par

$14,000,000

Retained earnings

$52,000,000

Total common stockholders' equity

$67,000,000

If the firm declares a 5% stock dividend, what will be the retained earnings figure after the dividend is paid?