Reference no: EM13914169
On September 1, Ziegler Corporation had 56,000 shares of $5 par value common stock, and $168,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is:
a. Debit Retained Earnings $840,000; credit Common Stock Split Distributable $840,000.
b. Debit Retained Earnings $840,000; credit Common Stock $840,000.
c. Debit Retained Earnings $280,000; credit Common Stock $280,000.
d. Debit Retained Earnings $280,000; credit Stock Split Payable $280,000.
e. No entry is made for this transaction.
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