Mario's Foods has outstanding \(500 \$ 7.00\) preferred shares and 1,200 common shares. Mario's declares dividends of \(\$ 14,300\). The correct entry is:

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a. Retained Earnings.. 14,300 Dividends Payable, Preferred...... 3,500 Dividends Payable, Common.... 10,800 b. Dividends Expense....... 14,300 Cash....... 14,300 c. Retained Earnings....... 14,300 Dividends Payable, Preferred..... 7,150 Dividends Payable, Common.... 7,150 d. Dividends Payable, Preferred....... 3,500 Dividends Payable, Common.......... 10,800 Cash......... 14,300