On September 1, Ziegler Corporation had 52,000 shares of $5 par value common stock, and $156,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2 -for-1 stock split. The general journal entry to record this transaction is: Mutiple Choice No entry is made for this transaction. Debit Retained Eamings $260,000, credit Common Stock $260,000 Debit Retained Eamings \$780,000, credt Common Stock Spit Distributable $780,000 Debit Retained Eamings \$780,000: creda Common Stock. $780,000. "Debit Retoined Eamings $260,000; credit Stock Split Psyable $260,000