On January 1, Ripken Corporation Had 80,000 Shares of $10

Multiple Choice

On January 1, Ripken Corporation had 80,000 shares of $10 par value common stock outstanding.On May 7, the company declared a 10% stock dividend to stockholders of record on May 21.The market value of the stock was $13 on May 7.The entry to record the transaction of May 7 would include a

A) debit to Stock Dividends for $104,000.
B) credit to Cash for $104,000.
C) credit to Common Stock Dividends Distributable for $104,000.
D) credit to Common Stock Dividends Distributable for $24,000.