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The Monroe Corporation has 100,000 common shares issued and outstanding. This stock was issued several...

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Accounting

The Monroe Corporation has 100,000 common shares issued and outstanding. This stock was issued several years ago at a price above the $10 per share par value. During the current year, the board of directors declared a 30 percent stock dividend so that 30,000 new shares were issued to the stockholders when the price of the stock was $30 per share. As a result of this dividend, what reduction was recorded in the reported amount of retained earnings ?

__$600,000

__$900,000

__$300,000

__-0-

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