Mingenback Company Has 560,000 Shares of $10 Par Value Common

Multiple Choice

Mingenback Company has 560,000 shares of $10 par value common stock outstanding. During the year Mingenback declared a 15% stock dividend when the market price of the stock was $48 per share. Two months later Mingenback declared a $.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by:

A) $ 386,400.
B) $ 528,000.
C) $4,032,000.
D) $4,418,400.