Fisher Company has 1,000,000 share of common stock with a par value of $10. Additional paid-in capital totals $10,000,000 and retained earnings is $12,000,000. The directors declare a 6% stock dividend when the market value is $5. The reduction of retained earnings as a result of the declaration will be:
A. $0.
B. $300,000
C. $600,000
D. $500,000.
E. None of the answers are correct.
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