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On 1/1/24, Brown Company has 600,000 shares of $10 par value common stock outstanding. On...

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Accounting

On 1/1/24, Brown Company has 600,000 shares of $10 par value common stock outstanding. On 6/1/24, Brown declares a 10% stock dividend when the market price of the stock was $50 per share. The journal entry to record Browns stock dividend on 6/1/24 would include

a.

$600,000 debit to Retained Earnings.

b.

$2,400,000 credit to Paid-in Capital in Excess of Par Common Stock.

c.

$2,400,000 debit to Retained Earnings.

d.

$3,000,000 credit to Common Stock Dividends Distributable.

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