Ducheyne Electric Recently Declared a 15 Percent Stock Dividend

Ducheyne Electric recently declared a 15 percent stock dividend.On the date of the stock dividend Ducheyne had 16 million shares outstanding priced at $46 per share in the market.An accounting entry was required on the balance sheet transferring some retained earnings to the common stock account.If retained earnings was $280 million prior to the transaction,what was the dollar amount of retained earnings after the transfer?

A) $280.0 million
B) $110.4 million
C) $234.0 million
D) $277.6 million
E) $169.6 million