PLEASE BE CORRECT!!! Dolanski Company declares and distributes a 40% common stock dividend when it has 80,000 shares of $10 par common stock outstanding. The market price per share is $50 at the date of declaration. Which journal entry is prepared? COP O A. debit Retained Earings $1,600,000, credit Common Stock $320,000 and credit Paid - in Capital in Excess of Par-Common $1,280,000 OB. debit Retained Earnings $1,600,000 and credit Common Stock $1,600,000 OC. debit Retained Earnings $320,000 and credit Common Stock $320,000 O D. debit Retained Earnings $1,600,000, credit Paid - in Capital in Excess of Par-Common $500,000

Which journal entry is prepared? A. debit Retained Eamings $1,000,000. credit Commsn $100k$320,000 and coedt Pald - in Copilul in Excess of Par-Common $1,280,000 B. debit Retained Eamings $1,600,000 and credt Commen $tock$1,600,000 C. debit Retained Eamings $320,000 and credt Common $100k$320,000 D. debit Retained Eamings $1,600,000, credt Paid - in Captal in Extess of Par-Common $500,000