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XYZ Inc., declares a stock dividend of 15% of the outstanding shares of common stock. Currently, XYZ Inc. has 1,600,000 shares of $1 par value

XYZ Inc., declares a stock dividend of 15% of the outstanding shares of common stock. Currently, XYZ Inc. has 1,600,000 shares of $1 par value common stock outstanding. The current market price of the stock is $$45 per share. How much will Elgin Experts' retained earnings be reduced because of this stock dividend?

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