Eastline Corporation had 10,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 3,000 shares.At the time of the stock dividend,the market value per share was $12.The entry to record this dividend is:
A)Debit Retained Earnings $36,000; credit Common Stock Dividend Distributable $36,000.
B)Debit Retained Earnings $36,000; credit Common Stock Dividend Distributable $30,000; credit Paid-In Capital in Excess of Par Value,Common Stock $6,000.
C)Debit Common Stock Dividend Distributable $36,000; credit Retained Earnings $36,000.
D)Debit Retained Earnings $30,000; credit Common Stock Dividend Distributable $30,000.
E)No entry is needed.

Question

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The Answer of Eastline Corporation had 10,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 3,000 shares.At the time of the stock dividend,the market value per share was $12.The entry to record this dividend is:
A)Debit Retained Earnings $36,000; credit Common Stock Dividend Distributable $36,000.
B)Debit Retained Earnings $36,000; credit Common Stock Dividend Distributable $30,000; credit Paid-In Capital in Excess of Par Value,Common Stock $6,000.
C)Debit Common Stock Dividend Distributable $36,000; credit Retained Earnings $36,000.
D)Debit Retained Earnings $30,000; credit Common Stock Dividend Distributable $30,000.
E)No entry is needed.

Eastline Corporation Had 10,000 Shares of $10 Par Value Common