Davis Enterprises has 290,000 shares of $5 par value common stock outstanding. Davis declares a 40% stock dividend on March 2 when the stock’s market value is $73 per share. The journal entry for the declaration of the stock dividend is:Multiple ChoiceAccount Title Debit CreditRetained Earnings 580,000 Common Dividend Payable 580,000Account Title Debit CreditCommon Stock Dividend Distributable 580,000 Retained Earnings 580,000Account Title Debit CreditRetained Earnings 8,468,000 Common Stock Dividend Distributable 8,468,000Account Title Debit CreditRetained Earnings 580,000 Common Stock Dividend Distributable 580,000No journal entry is required for the declaration of a stock dividend.