THE CORRECT ANSWER IS D, PLS EXPLAIN

On 6/6 a company declares a 34% stock dividend on its outstanding common stock (90,000 shares at $12 par) to be distributed on 9/9 Retained Earnings has a balance of $1,400,000, and the fair values of the stock are $22 on 6/6 and $26 on 9/9. 2. Assume that on 9/10 the company issues another stock dividend: 22% of shares outstanding ($12 par) to be distributed 12/13. Market values are $30 on 9/10 and $28 on 12/13. What happens on $16? 4140 A. Credit APIC- Common Stock for $356,400 B. Credit Dividends Payable for $318,384 C. Debit Common Stock Dividends Distributable for $477,576 D. Debit Retained Earnings for $795,960