A company originally issued 10,000 shares of $5 par value common stock at $7 per share.The board of directors declares a 10% stock dividend when the market price of the stock is $8 a share.Which of the following is included in the entry to record the declaration of a stock dividend?
A) Retained Earnings is debited for $8,000.
B) Retained Earnings is credited for $8,000.
C) Retained Earnings is debited for $7,000.
D) Paid-In Capital in Excess of Par-Common is credited for $7,000.
Correct Answer:
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