On January 1, Sandford Corporation Had 120,000 Ordinary Shares with a $10

On January 1, Sandford Corporation had 120,000 ordinary shares with a $10 par value outstanding. On June 17, the company declared a 15% share dividend to shareholders of record on June 20. Market value of the shares was $15 on June 17. The entry to record the transaction of June 17 would include a

A) debit to Cash Dividends for $270,000.
B) credit to Cash for $270,000.
C) credit to Ordinary Share Dividends Distributable for $270,000.
D) credit to Ordinary Share Dividends Distributable for $180,000.