16.. A company declares a cash dividend on its common and preferred stock. The cash dividend declared is $2 per share on the common stock and S1 per share on the preferred stock. There are 100,000 shares of common stock and 30.000 shares of preferred stock outstanding. The entry on the date of record would include: A. a credit to dividends payable of $230,000. B. a credit to cash of $230,000 C. a debit to dividend expense of $230,000 D. no entry is required