The stockholders' equity of Howell Company at July 31, 2018 is presented below: Common stock, par value $20, authorized 400,000 shares; issued and outstanding 160,000 shares $3,200,000 Paid-in capital in excess of par 160,000 Retained earnings 650,000 $4,010,000 On August 1, 2018, the board of directors of Howell declared a 15% stock dividend on common stock, to be distributed on September 15th. The market price of Howell's common stock was $70 on August 1, 2018, and $76 on September 15, 2018. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend