5) A company declared a $0.90 per share cash dividend. The company has 260,000 shares authorized, 77,000 shares issued, and 74,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration?

A) Debit Dividends Payable and credit Cash for $69,300

B) Debit Dividends and credit Dividends Payable for $66,600

C) Debit Dividends Payable and credit Cash for $234,000

D) Debit Dividends and credit Dividends Payable for $69,300