The stockholders' equity of Coronado Industries at July 31, 2021 is presented below: Common stock, par value $20, authorized 400,000 shares; issued and outstanding 160000 shares $3200000 Paid-in capital in excess of par 170000 Retained earnings 648000 $4018000 On August 1, 2021, the board of directors of Coronado declared a 16% stock dividend on common stock, to be distributed on September 15th. The market price of Coronado's common stock was $68 on August 1, 2021, and $74 on September 15, 2021. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend
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