Stock Dividend. The Benson Corporation has 9,000 shares of common stock having a par value of $120 outstanding. A 10 percent stock dividend is declared. The fair market value of the stock is $124 per...

Stock Dividend. The Benson Corporation has 9,000 shares of common stock having a par value of $120 outstanding. A 10 percent stock dividend is declared. The fair market value of the stock is $124 per share.

(a) By how much will retained earnings be reduced? (b) What is the par value of the common stock to be issued? (c) What is the paid-in capital on common stock?