Global Corporation had 59,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared 8 25% stock dividend when the market value of each share was $29. The entry to record the dividend declaration is: Multiple Choice Debit Retained Earnings $295,000, credit Common Stock Dividend Distributable $295,000 Debit Retained Earnings $427750, credit Common Stock Dividend Distributable $295,000, credit Paid in Capital in Excess of Par Value Common Stock $132.750 No entry is made until the stocks issued Debit Fletoined Earnings $427750, credit Common Stock Dividend Distributable $427750. Debit Retained Earnings $427750; Credit Cash 5427.750