What is the correct answer? I thought it was retained earnings under when declared, but it told be it was incorrect.

Sealand Company has 130,000 common shares outstanding. Because it wants to retain its cash for other purposes, the company decided to issue stock dividends to its shareholders. The market price of each Sealand Company share was $25. Your answer is partially correct. Prepare the journal entries if the company decides to declare and issue a 9% stock dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Account and explanation When declared: Cash 292500 Stock Dividends Issuable 292500 When issued: Stock Dividends Issuable 292500 Common Shares 292500