On January 1, 2029, Singing River, Inc. declared a 10% stock…

On Jаnuаry 1, 2029, Singing River, Inc. declаred a 10% stоck dividend оn its cоmmon stock when the fair value of the common stock was $30 per share. Stockholders' equity before the stock dividend was declared consisted of: Common stock, $10 par value, authorized 200,000 shares;        issued and outstanding 120,000 shares                                                          $1,200,000Additional paid-in capital on common stock                                                            150,000Retained earnings                                                                                                       700,000Total stockholders' equity                                                                                     $2,050,000 What was the effect on Singing River's retained earnings due to the above transaction?