Elgin Experts, Inc., declares a small stock dividend of 17% of the outstanding shares of common stock. Currently, Elgin Experts has 1,400,000 shares of $1 par value common stock outstanding. The current market price of the stock is $82.53 per share. Elgin Experts will record a dividend of:
A) $ 1,400,000
B) $115,542,000
C) $ 19,404,140
D) $ 19,642,140
E) None of the above
