Lee Company has the following capital structure:Common stock, $$1$ par, $100,000$ shares issued and outstandingOn October $1,2020,$ the company declared a $5\%$ common stock dividend when the market price of the common stock was $$15$ per share. Of the $5,000$ stock dividend shares, $4,800$ were whole shares and $200$ were fractional shares. The companys policy is to pay cash to shareholders for fractional shares. The stock dividend will be distributed on October $15,2020,$ to stockholders on record on October $10,2020.$Upon declaration of the stock dividend, Lee Company would recordSelect one:a$.$ A debit to Retained Earnings for $$67,200.$b$.$ A credit to Dividends Payable for $$3,000.$c$.$ A credit to Paid$-$in Capital in Excess of ParCommon Stock for $$70,000.$d$.$ A credit to Common Stock for $$4,800.$