24 On December 15, 2020, the board of directors of Hailey Corporation declared a cash dividend, payable on January 8, 2021, of $0.94 per share on its common stock. Hailey Corporation has issued 2,200,000 shares of common stock and 2,000,000 common shares are currently outstanding. On December 15, 2020, Hailey should 01:00:44 Multiple Choice None of the other choices is correct decrease retained earnings $1.88 million and increase liabilities by $1.88 million. decrease cash $1.88 million and decrease retained earnings $1.88 million. not prepare a journal entry because the event had no effect on the corporation's financial position until January 8, 2021. decrease retained earnings $1.88 million and increase expenses $1.88 million