The stockholders' equity of Concord Corporation at July 31, 2018 is presented below:

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

issued and outstanding 170000 shares $3,400,000 Paid-in capital in excess of par 168000 Retained earnings 656000 TOTAL $4,224,000

On August 1, 2018, the board of directors of Concord declared a 16% stock dividend on common stock, to be distributed on September 15th. The market price of Concord's common stock was $68 on August 1, 2018, and $74 on September 15, 2018. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend?

A $1,849,600.00 B $2,012,800.00 C $1,305,600.00 D $1,020,000.00