Help Save & Exit Ultimate Sportswear had 12,500 shares of $5 par value common stock outstanding when the board of directors declared a stock dividend of 4,375 shares. At the time of the stock dividend, the market value per share was $17. The entry to record this dividend is. Multiple Choice Debit Retained Earnings $74,375; credit Common Stock Dividend Distributable $74 375 Debit Retained Earnings $74,375: credit Common Stock Dividend Distributable $21,875, credit Paid in Capital in Excess of P Value, Common Stock $52.500 Debit Common Stock Dividend Distributable $74,375: credit Retained Earnings 574,375 Debit Retained Earnings $21,875; credit Common Stock Dividend Distributable $24875 Debit Retained Earnings $74,375; credit Common Stock Dividend Distributable $74,375. Debit Retained Earnings $74,375; credit Common Stock Dividend Distributable $21,875; credit Paid In Capital in Excess of Par Value, Common Stock $52,500. Debit Common Stock Dividend Distributable $74,375; credit Retained Earnings $74,375. Debit Retained Earnings $21,875; credit Common Stock Dividend Distributable $21,875. No entry is needed