Concin Has the Following Equity Accounts on Its Balance Sheet

Multiple Choice

Concin has the following equity accounts on its balance sheet: $\begin{array}{lr}\text { Common stock ( } \$ 0.25 \text { par, } 9 \text { million shares) } & \$ 2,250,000 \\\text { Contributed capital in excess of par } & 89,400,000 \\\text { Retain earnings } & 67,503,189 \\&\$159,153,189\end{array}$ ? The current market price for a share of Concin's stock is $24.25. If the firm declares a 10% stock dividend and a $0.06 per share cash dividend, what will be the impact on Common stock on the above equity account?

A) No change
B) Increase of $225,000
C) Increase of $54,000
D) Increase of $21,600,000