On September 1, a Corporation Had 50,000 Shares of $5

On September 1, a corporation had 50,000 shares of $5 par value common stock and $1,000,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is:

A) $\begin{array}{|c|c|c|}\hline \text { Retained Earnings } & 750,000 & \\\hline \text { Common Stock Split Distributable } & & 750,000 \\\hline\end{array}$
B) $\begin{array}{|c|c|c|}\hline \text { Retained Earnings } & 750,000 & \\\hline \text { Common Stock } & & 750,000 \\\hline\end{array}$
C) $\begin{array}{|c|c|c|}\hline \text { Retained Earnings } & 250,000 & \\\hline \text { Common Stock } & & 250,000 \\\hline\end{array}$
D) $\begin{array}{|c|c|c|}\hline \text { Retained Earnings } & 250,000 & \\\hline \text { Stock split payable } & & 250,000 \\\hline\end{array}$
E) No entry is made for this transaction.