TB MC Qu. 11-144 Eastline Corporation had... Eastline Corporation had 17,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 5,780 shares. At the time of the stock dividend, the market value per share was $16. The entry to record this dividend is: Multiple Choice Debit Retained Earnings $92,480; credit Common Stock Dividend Distributable $92,480. Debit Retained Earnings $92,480; credit Common Stock Dividend Distributable $57,800; credit Paid-In Capital in Excess of Par Value, Common Stock $34,680. No entry is needed. Debit Common Stock Dividend Distributable $92,480; credit Retained Earnings $92,480. Debit Retained Earnings $57,800; credit Common Stock Dividend Distributable $57,800