A corporation had 10,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 3,000 shares. At the time of the stock dividend, the market value per share was $12. The entry to record this dividend is: a.) Debit Retained Earnings $36,000; credit Common Stock Dividend Distributable $36,000. b.)Debit Retained Earnings $36,000; credit Common Stock Dividend Distributable $30,000; credit Paid-In Capital in Excess of Par Value, Common Stock $6,000. c.) Debit Common Stock Dividend Distributable $36,000; credit Retained Earnings $36,000. d.) Debit Retained Earnings $30,000; credit Common Stock Dividend Distributable $30,000. e.) No entry is needed