Ultimate Sportswear had 12,500 shares of $5 par value common stock outstanding when the board of directors declared a stock dividend of 4,375 shares. At the time of the stock dividend, the market value per share was $17. The entry to record this dividend is: Multiple Choice Debit Retained Earnings $74,375; credit Common Stock Dividend Distributable $74,375 Debit Retained Earnings $74,375; credit Common Stock Dividend Distributable $21,875; credit Paid-In Capital in Excess of Par Value, Common Stock $52,500 Debit Common Stock Dividend Distributable Sh4,375; credit Retained Earnings $74.375, Debit Retained Earnings $21,875 credit Common Stock Dividend Distributable $21875. Multiple Choice Debit Retained Earnings $74,375; credit Common Stock Dividend Distributable $74,375. Debit Retained Earnings $74,375; credit Common Stock Dividend Distributable $21,875; credit Paid-in Capital in excess of Par Value, Common Stock $52,500. Debit Common Stock Dividend Distributable $74,375; credit Retained Earnings $74,375. Debit Retained Earnings $21,875; credit Common Stock Dividend Distributable $21,875. No entry is needed