On September 1, Ziegler Corporation had 57,000 shares of $5 par value common stock, and $171,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is: Multiple Choice Debit Retained Earnings $855,000; credit Common Stock Split Distributable $855,000. Debit Retained Earnings $855,000; credit Common Stock $855,000. Debit Retained Earnings $285,000; credit Common Stock $285,000. Debit Retained Earnings $285,000; credit Stock Split Payable $285,000.
