To record the stock dividend, the entry would involve increasing the common stock account and crediting the additional paid-in capital account for the par value of the additional shares issued. The market value of the shares would not affect the entry. Therefore, the entry to record this dividend would be:
a) Debit Common Stock $57,800; Credit Additional Paid-in Capital $57,800
b) Debit Common Stock Dividend Distributable $57,800; Credit Common Stock $57,800
c) Debit Retained Earnings $93,280; Credit Common Stock $57,800; Credit Additional Paid-in Capital $35,480
d) Debit Retained Earnings $93,280; Credit Common Stock $57,800; Credit Additional Paid-in Capital $35,480