Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2018. In October 2018, Rick Co.'s Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $60 per share. In recording this transaction, Rick would:

Group of answer choices

Credit common stock for $18 million.

Debit retained earnings for $18 million.

None of these answer choices are correct

Credit paid-in capitalexcess of par for $18 million.