Madeline has the following accounts and amounts in her owners' equity section of the balance sheet at the end of the year. Common Stock (par $1.00) $100,000 (Market Value is equal to $20 per share) Additional Paid-In-Capital $100,000 Retained Earnings $100,000 Accumulated Other Comprehensive Income (50,000) Treasury Stock (50,000) Assume Madeline declared a 30% common stock dividend this year. Which of the following is the debit(s) Madeline should make when declaring the stock dividend?

None of the above

Retained Earnings $600,000

Retained Earnings $30,000 and PIC for $570,000

Treasury Stock $600,000

Retained Earnings $30,000