Cash dividends declared on the no par value common shares of Athens Corp. were as follows:

	1st quarter of 2020			$330,000
	2nd quarter of 2020			350,000
	3rd quarter of 2020			420,000
	4th quarter of 2020			450,000

The 4th quarter cash dividend was declared on December 20, 2020, to shareholders of record on December 31, 2020, to be paid on January 9, 2021. In addition, Athens declared a 10% common stock dividend on December 1, 2020, when there were 400,000 shares issued and outstanding, and the market value of the common shares was $16 per share. The shares were issued on December 21, 2020. What was the effect on Athens' shareholders' equity accounts during 2020 as a result of the above transactions?

Common Shares

Retained Earnings

$300,000 credit

$1,950,000 debit

$640,000 credit

$2,190,000 debit

$540,000 credit

$1,740,000 debit

$ -0-

$1,550,000 debit