Dillion Company is authorized to issue 1,000,000 shares of $40 par value common stock. By November 15, 2016, the company had issued 50,000 shares at $50 per share. On November 15, 2016, the company declared a 30% stock dividend when the market price was $52 per share.
What amount is transferred from retained earnings to paid-in capital as a result of the stock dividend?
A. $ 600,000
B. $ 780,000
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