MyOpenMath Robinhood 2014 Discord (1) YouTube myopenmath.com Home/ Saved atch... Help Save & Exit Submit Global Corporation had 56,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 5% stock dividend when the market value of each share was $24. The entry to record the dividend declaration is: Multiple Choice Debit Retained Earnings $56,000; credit Common Stock Dividend Distributable $56.000 Debit Retained Earnings $67.200: credit Common Stock Dividend Distributable $56,000; credit Paid-in Capital in Excess of Par Value. Common Stock $11.200 No entry is made until the stock is issued