The stockholders' equity of Sheffield Corp. at July 31, 2018 is:

Common stock, par value $20, authorized 400,000 shares; issued and outstanding 150000 shares: $3000000

Paid-in capital in excess of par: 162000

Retained earnings 641000

$3803000

On August 1, 2018, the board of directors of Sheffield declared a 16% stock dividend on common stock, to be distributed on September 15th.

The market price of Sheffield's common stock was $72 on August 1, 2018, and $78 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?