Global Corporation had 53,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 20% stock dividend when the market value of each share was $30. The entry to record the dividend declaration is: Multiple Choice Debit Retained Earnings $318.000: credit Common Stock Dividend Distributable $318,000. O Debit Retained Earnings $318.000: credit Common Stock Dividend Distributable $212,000: credit Paid-in Capital in Excess of Par Value. Common Stock $106.000. Debit Retained Earnings $318.000: credit Cash $318,000. Debit Retained Earnings $212,000: credit Common Stock Dividend Distributable $212,000. No entry is made until the stock is issued