A company with 90,000 authorized shares of $4 par common stock issued 46,000 shares at $16. Subsequently, the company declared a 2% stock dividend on a date when the market price was $29 per share.
What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
a. $3,680
b. $23,000
c. $52,200
d. $26,680