Norris Company has the following capital structure: Common stock. $1 par, 100,000 shares issued and...
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Norris Company has the following capital structure: Common stock. $1 par, 100,000 shares issued and outstanding. On October 1, 2020, the company declared a 5% common stock dividend when the market price of the common stock was $15 per share. The stock dividend will be distributed on October 15, 2020, to stockholders on record on October 10, 2020. Upon declaration of the stock dividend, Norris Company would record: O A debit to Retained Earnings for $5,000 O A credit to Dividends Payable for $70,000 O A credit to Additional Paid-in Capital-Common Stock for $70,000 O A credit to Stock Dividends for $75,000
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