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
Paid in excess	$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?

	a.	$1,000,000
	b.	$51,000,000
	c.	$14,950,000
	d.	None of the above