Crane Company has 620000 shares of $10 par value common stock outstanding. During the year Crane declared a 14% stock dividend when the market price of the stock was $45 per share. Two months later Crane declared a $0.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by
A) $517000.
B) $4330080.
C) $424080.
D) $3906000.