Meyer's Thrifty Acres has 100,000 shares of \(\$ 20\) par common stock outstanding. The stock's market value is \(\$ 37\) per share. Meyer's board of directors declares and distributes a 1 -percent common stock dividend. Which of the following entries shows the full effect of declaring and distributing the dividend? (p. 598)

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a. Retained Earnings. 37,000 Common Stock Dividend Distributable.......... 20,000 Paid-in Capital in Excess of Par Common....... 17,000 b. Retained Earnings. 20,000 . Common Stock... 20,000 c. Retained Earnings. 17,000 Paid-in Capital in Excess of Par Common.... 17,000 d. Retained Earnings. 37,000 Common Stock.. 20,000 Paid-in Capital in Excess of Par Common............... 17,000