Shannon Manufacturing Declared a 10% Share Dividend When It Had

Multiple Choice

Shannon Manufacturing declared a 10% share dividend when it had 250,000 ordinary shares with a $3 par value outstanding.The market price per share was $12 per share when the dividend was declared.The entry to record this dividend declaration includes a credit to

A) Retained Earnings for $75,000.
B) Share Premium-Ordinary for $225,000.
C) Share Capital-Ordinary for $75,000.
D) Ordinary Share Dividends Distributable for $300,000.