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Refer to Exhibit 17-1. On January 2, 2011, the board of
directors of Zoeller declared a 30% stock dividend to be
distributed on January 31, 2011. The market price per share of
Zoeller's common stock was $30 on January 2 and $32 on
January 31. As a result of this stock dividend, the retained
earnings account should be decreased by:

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