Soxlette Company Has 700,000 Shares Authorized and 250,000 Shares Issued $\begin{array}{cl}\text { \# of Shares Issued } & \text { Par Value } &\text { Market Price per Share }\\175,000&\$ 5.71 &\$85.71\\\end{array}$

Soxlette Company has 700,000 shares authorized and 250,000 shares issued and outstanding of its $4 par value common stock.The stock is currently selling for $60 per share.If Soxlette Company declared and issued a 70% stock dividend,what would be the effect on the following items after the stock dividend?

A) $\begin{array}{cl}\text { \# of Shares Issued } & \text { Par Value } &\text { Market Price per Share }\\175,000&\$ 5.71 &\$85.71\\\end{array}$

B) $\begin{array}{lccc} \text { \# of Shares Issued } & \text { ParValue } &\text { Market Price per Share }\\425,000 &\$2.80&\$42.00\\\end{array}$

C) $\begin{array}{lccc}\text { \# of Shares Issued } & \text { ParValue }&\text { Market Price per Share } \\425,000 & \$2.35& \$35.29 \\\end{array}$

D) $\begin{array}{lccc}\text { \# of Shares Issued } & \text { ParValue } &\text { Market Price per Share }\\425,000 & \$ 4.00 & \$35.29\\\end{array}$

E) $\begin{array}{lccc}\text { \# of Shares Issued } & \text { ParValue } &\text { Market Price per Share }\\490.000 & \$ 1.00 & \$15.00\end{array}$