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8. Rick Co. had 100 outstanding shares of $2 par common stock at January 1, 2021. In October 2021, Rick Co. declared and distributed a 2% stock dividend when the market value of its common stock was $55 per share. In recording this transaction, Rick would: a. Credit common stock for $110. b. Debit retained earnings for $110. c. Credit paid-in capital -excess of par for $110. d. None of the above answers is correct. 3 8. Rick Co. had 100 outstanding shares of $2 par common stock at January 1, 2021. In October 2021, Rick Co. declared and distributed a 2% stock dividend when the market value of its common stock was $55 per share. In recording this transaction, Rick would: a. Credit common stock for $110. b. Debit retained earnings for $110. c. Credit paid-in capital -excess of par for $110. d. None of the above answers is correct. 3