Global Corporation had 57,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 15% stock dividend when the market value of each share was $27. The entry to record the dividend declaration is: Multiple Choice Detit Retained Earnings 5230,850;credil Curich Stock Dividend Distributable 5171,000: credit Paid In Capital in Excess of Par Value, Common Stock $59,850. Debit Retained Earnings S230.850: Credit Cash $230,850. No entry is made until the stock is issued. Debit Retained Earnings S171,000; credit Common Stock Dividend Distributable $171.000. Debit Retained Earnings $230,050;credit Common Stock Dividend Distributable $230,850