2. Question ID: CMA 694 P2 Q3 (Topic: Common Stock) The board of directors of Markham Corp. met on May 5,205 and declared a quarterly cash dividend in the amount of $800,000 ( $0.50 per share). The dividend was paid on May 28,205 to shareholders of record as of May 15,205. Assume that the only transactions that affected Markham during May 205 were the dividend transactions and that the closing entries have been made. Markham's total equity is A. Unchanged by the dividend declaration and decreased by the dividend paymen B. Decreased by the dividend declaration and unchanged by the dividend payme C. Increased by the dividend declaration and unchanged by the dividend payme D. Unchanged by either the dividend declaration or the dividend payment