Eastline Corporation had 20,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 8,000 shares. At the time of the stock dividend, the market value per share was $22. The entry to record this dividend is:

a.

Debit Common Stock Dividend Distributable $176,000; credit Retained Earnings $176,000.

b.

No entry is needed.

c.

Debit Retained Earnings $80,000; credit Common Stock Dividend Distributable $80,000.

d.

Debit Retained Earnings $176,000; credit Common Stock Dividend Distributable $176,000.

e.

Debit Retained Earnings $176,000; credit Common Stock Dividend Distributable $80,000; credit Paid-In Capital in Excess of Par Value, Common Stock $96,000.