Amber Corp. has 3 million shares of common stock outstanding. The stock is selling at $30 per share. If Amber announces a 20 percent stock dividend, the transfer that must be made from retained earnings to the common stock account to account for the stock dividend will be _____.
A. $3,600,000
B. $18,000,000
C. $14,400,000
D. $108,000,000
E. $6,000,000
Answer: B
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