Lavender, Inc. announces a large stock dividend of 65% of the 3.1 million outstanding shares of common stock. The current price per share is $8.85. Par value of the stock is $0.01 per share. What effect does this dividend have on retained earnings?
a. $31,000 decrease
b. $20,150 decrease
c. $17,832,750 decrease
d. $11,591,288 decrease
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