The following activity occurred during May 2016 for ABC Inc.:

Date	Description
May 1	Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.
May 4	Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.
May 6	Accepted $500 of advance payments from customers for services to be provided next month.
May 27	Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay.
May 29	Mr. Jones paid in full the outstanding debt he had with the company.
May 31	The company declares a stock split.

Using the information above, what journal entry would be required to record the transaction of May 31?

Select one:

a. A journal entry is necessary for a stock split, but is not listed here.

b. No journal entry is necessary for a stock split.

c.

Cash			$72,500
	Common Stock, Par			$500
	Common Stock, Additional Paid in Capital			$72,000

d.

Common Stock, Par			$500
Common Stock, Additional Paid in Capital			$72,000
	Common Stock, Par			$500
	Common Stock, Additional Paid in Capital			$72,000