Save & E On September 1, Ziegler Corporation had 70,000 shares of $5 par value common stock, and $210,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-tor-1 stock split. The general journal entry to record this transaction is Multiple Choice Debit Retained Earnings $1,050,000 credit Common Stock Split Distributable $1,050,000 Debit Retained Earnings $1,050,000 credit Common Stock $1,050,000, Debit Retained Earnings $350,000 credit Common Stock $350,000 Debit Retained Earnings $350,000 credit Stock Split Payable $350,000