Rick Co Had 30 Million Shares of $1 Par Common Stock

Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2013. In October 2013, Rick Co.'s Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $60 per share. In recording this transaction, Rick would:

A) Debit retained earnings for $18 million.
B) Credit paid-in capital-excess of par for $18 million.
C) Credit common stock for $18 million.
D) None of the above is correct.