Which one of the following statements regarding dividends is correct?
A.	The declaration and payment of a 10% stock dividend will result in a reduction of retained earnings at the fair market value of the stock.
B.	A stock dividend of 15% of the outstanding common shares results in a debit to retained earnings at the par value of the stock distributed.
C.	The declaration of a cash dividend will have no effect on book value per share.
D.	At the declaration date of a 30% stock dividend, the carrying value of retained earnings will be reduced by the fair market value of the stock distributed.