On September 1, Ziegler Corporation had 64,000 shares of $5 par value common stock, and $192,000 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: Multiple Choice O O Debit Retained Earnings $960,000; credit Common Stock $960,000. No entry is made for this transaction. Debit Retained Earnings $320,000; credit Common Stock $320,000. Debit Retained Earnings $960,000; credit Common Stock Split Distributable $960,000.

On September 1, Ziegler Corporation had 64,000 shares of $5 par value common stock, and $192,000 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: Multiple Choice Debit Retained Earnings $960,000, credt Common Stock $960,000 No entry is made for this transoction Debit Retained Earnings $320,000, credit Common Stock $320,000 Debit Aetained Farnings $960,000, credit Common Stock Split Datributable $960,000