On January 1, 2014, Dodd, Inc., declared a 15% stock dividend on its common stock when the fair value of the common stock was $30 per share. Stockholders' equity before the stock dividend was declared consisted of: 
What was the effect on Dodd's retained earnings as a result of the above transaction?
Definitions:
Lecithin
A fatty substance found in plant and animal tissues, acting as an emulsifier in food products.
Long-chain Alcohols
Alcohols containing a long chain of carbon atoms, typically more than twelve, used in detergents, emulsifiers, and solvents.
Fatty Acids
Long-chain hydrocarbon molecules with a carboxylic acid group, important as sources of energy and as components of cell membranes.
Sodium Palmitate
A sodium salt of palmitic acid, used in soap making and as a surfactant in cosmetics.
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