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6. A company reported the following amounts on its balance sheet at January 1, 2018 Preferred Stock, $8 par, 5%, 2,000 shares issued and outstanding Common Stock, $1 par, 8,000 shares issued and outstanding Additional paid-in capital- Common Total Contributed Capital Retained Earnings Total Stockholder's Equity 16,000 8,000 32.000 56,000 33,000 89,000 On March 31, 2018 the company declared and distributed a 5% stock dividend on preferred stock when the stock was selling at $14 per share. The journal entry to record the distribution of the dividend would include a debit to Retained Earnings for A. $600 B. S1,400 C. $800 D. $700 E. There would not be a debit entry to Retained Earnings