On January 1, Pharoah Company had 87000 shares of $10 par value common stock outstanding. On May 7, the company declared a 5% stock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The stock was distributed on May 24. The entry to record the transaction of May 24 would include a O credit to Paid-in Capital in Excess of Par Value for $26100. credit to Common Stock for $43500. O debit to Common Stock Dividends Distributable for $69600. Odebit to Stock Dividends for $26100.