U. CICLO DOO 24 On January 1, Layline Corporation had 160,000 shares of $10 par value common st! outstanding. On June 17, the company declared a 15% stock dividend to stockholder record on June 20. Market value of the stock was $15 on June 17. The stock distributed on June 30. The entry to record the transaction of June 30 would include a credit to Common Stock for $240,000. b. debit to Common Stock Dividends Distributable for $360,000. c. credit to Paid-in Capital in Excess of Par for $120,000. d. debit to Stock Dividends for $120,000. Retained earnings are occasionally restricted a. to set aside cash for dividends. b. to keep the legal capital associated with paid-in capital intact. C. due to contractual loan restrictions. d. if preferred dividends are in arrears