On January 1, Layline Corporation had 160,000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The entry to record the transaction of June 17 would include a

a. debit to Stock Dividends for $360,000.

b. credit to Cash for $360,000.

c. credit to Common Stock Dividends Distributable for $360,000.

d. credit to Common Stock Dividends Distributable for $120,000.