If a firm whose stock has a market value of $30, has the following common equity accounts on its balance sheet

COMMON STOCK $1 par, 1,000,000 shares

PREFERRED STOCK $14,000,000

RETAINED EARNINGS $62,000,000

TOTAL COMMON STOCKHOLDER’S EQUITY $77,000,000

If the firm declares a 5% stock dividend, what will be the retained earnings?

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