Rick Co. had 24 million shares of $2 par common stock outstanding at January 1, 2018. In October 2018, Rick Co.'s Board of Directors declared and distributed a 2% common stock dividend when the market value of its common stock $60 per share. In recording this transaction, Rick would: was Multiple Choice Credit paid-in capital-excess of par for $28.80 million None of these answer choices are correct. Debit retained earnings for $28.80 million. Credit common stock for $28.80 million