Question: On May 3, Mountainside Marble & Tile declared a 35% common stock dividend to be paid on May 20 to stockholders of record on May

On May 3, Mountainside Marble & Tile declared a 35% common stock dividend to be paid on May 20 to stockholders of record on May 12. The common stock has a par value of $2, and there are 10,000 shares authorized and 2,500 shares issued of which 2,000 shares are outstanding. The market value on May 3 is $2.50 per share. If there is a journal entry on May 3, which of the following will be the debit for the journal entry? a. Debit Stock Dividends Distributable for $1,750.00 b. Debit Stock Dividends for $1,400.00 c. Debit Stock Dividends for $2,187.50 d. There will be no journal entry recorded on May 3

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