KYZ Company currently has 70,000 shares of common stock outstanding. The company decides to issue a stock dividend of 3,500 shares of $2.00 par value stock. When XYZ Company declared the dividend, their stock was trading at $25 per share. What Journal entry would XYZ Company record for the stock dividend? DR Retained Earnings $80,500 CR Common Stock $80,500 DR Retained Earnings $7,000 CR Common Stock $7,000 DR Retained Earnings $87,500 CR Common Stock $87,500 No journal entry necessary DR Retained Earnings $87,500 CR Common Stock $7,000 CR APIC $80,500 DR Retained Earnings $87,500 CR Common Stock $7000 CR Dividends Payable $80,500