On September 1, Ziegler Corporation had 56,000 shares of $5 par value common stock, and $168,000 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:

a Debit Retained Earnings $840,000; credit Common Stock Split Distributable $840,000.

b Debit Retained Earnings $840,000; credit Common Stock $840,000.

c Debit Retained Earnings $280,000; credit Common Stock $280,000.

d Debit Retained Earnings $280,000; credit Stock Split Payable $280,000.

e No entry is made for this transaction.