On January 1, Hamblin Corporation Had 120,000 Shares of $10

Multiple Choice

On January 1, Hamblin Corporation had 120,000 shares of $10 par value common stock outstanding.On March 17, the company declared a 10% stock dividend to stockholders of record on March 20.The market value of the stock was $13 on March 17.The entry to record the transaction of March 17 would include a

A) credit to Stock Dividends for $36,000.
B) credit to Cash for $156,000.
C) credit to Common Stock Dividends Distributable for $120,000.
D) debit to Common Stock Dividends Distributable for $120,000.