Davis Enterprises has $188,000$ shares of $$5$ par value common stock outstanding. Davis declares a $35\%$ stock dividend on March $2$ when the stock's market value is $$69$ per share. The journal entry for the declaration of the stock dividend is:

dr$.$ Retained Earnings $4,540,200,$ cr$.$ Common Stock Distributable $4,540,200$

dr$.$ Retained Earnings $329,000,$ cr$.$ Common Stock Distributable $329,000$

dr$.$ Common Stock Distributable $329,000,$ cr$.$ Retained Earnings $329,000$

dr$.$ Cash $4,540,200,$ cr$.$ Common Stock $4,540,200$