$1)$ A company's board of directors votes to declare a cash dividend of $$1\mathrm{.}00$ per share on its $12,000$ common shares outstanding. The journal entry to record the payment of the cash dividend is:

Select one:

a$.$ Debit Dividend Expense $$12,000$; credit Cash $$12,000.$

b$.$ Debit Dividend Expense $$12,000$; credit Common Dividend Payable $$12,000.$

c$.$ Debit Common Dividend Payable $$12,000$; credit Cash $$12,000.$

d$.$ Debit Retained Earnings $$12,000$; credit Common Dividend Payable $$12,000.$ Incorrect

e$.$ Debit Common Dividend Payable $$12,000$; credit Retained Earnings $$12,000.$