Ronald Cummings Purchased 800 Shares of Barnum Corp $\begin{array}{lcc}\text { Investment in Barnum Corp. } & 24 & \\\quad\text { Gain from Stock Dividend} & & 24\\\end{array}$

Ronald Cummings purchased 800 shares of Barnum Corp.'s common stock for $15 per share.Barnum Corp.'s shares have a par value of $2.If Barnum Corp.declared and issued a 3% stock dividend when the market price per share was $16,what journal entry would Ronald Cummings make?

A) $\begin{array}{lcc}\text { Investment in Barnum Corp. } & 24 & \\\quad\text { Gain from Stock Dividend} & & 24\\\end{array}$

B) $\begin{array}{lccc}\text { Investment in Barnum Corp. } & 48 & \\\quad\text { Gain from Stock Dividend } & & 48\\\end{array}$

C) $\begin{array}{lccc}\text { Investment in Barnum Corp. } & 360 & \\\quad \text { Gain from Stock Dividend } & & 360 \\\end{array}$

D) $\begin{array}{lccc}\text { Investment in Barnum Corp. } & 384 & \\\quad \text {Gain from Stock Dividend } & & 384\end{array}$
E) No journal entry is necessary.