Global Corporation had 58,000 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 $28. The entry to record the dividend declaration is: Multiple Choice No entry is made until the stock is issued. Debit Retained Earnings $232,000; credit Common Stock Dividend Distributable $232,000. Debit Retained Earnings $324,800; credit Common Stock Dividend Distributable $232,000; credit Paid-In Capital in Excess of Par Value, Common Stock $92,800. Debit Retained Earnings $324,800; credit Common Stock Dividend Distributable $324,800. O O Debit Retained Earnings $324,800; credit Cash $324,800. Eastline Corporation had 12,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 4,080 shares. At the time of the stock dividend, the market value per share was $16. The entry to record this dividend is: Multiple Choice Debit Common Stock Dividend Distributable $65,280; credit Retained Earnings $65,280. Excess of Par Value, Debit Retained Earnings $65,280; credit Common Stock Dividend Distributable $40,800; credit Paid-In Capital Common Stock $24.480. Debit Retained Earnings $65,280; credit Common Stock Dividend Distributable $65,280. No entry is needed. Debit Retained Earnings $40,800, credit Common Stock Dividend Distributable $40,800