On January 1, Sanford Corporation Had 80,000 Shares of $10

On January 1, Sanford Corporation had 80,000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a

A) credit to Common Stock for $120,000.
B) debit to Common Stock Dividends Distributable for $180,000.
C) credit to Paid-in Capital in Excess of Par Value for $60,000.
D) debit to Retained Earnings for $60,000.