On January 1, Ripken Corporation Had 40,000 Shares of $10

Multiple Choice

On January 1, Ripken Corporation had 40,000 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. Market value of the stock was $13 on March 17. The entry to record the transaction of March 17 would include a

A) debit to Stock Dividends for $52,000.
B) credit to Cash for $52,000.
C) credit to Common Stock Dividends Distributable for $52,000.
D) credit to Common Stock Dividends Distributable for $12,000.