8. The board of directors of Sunland Company declared a cash dividend of $2.50 per share on 46,000 shares of common stock on July 15,2020 . The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The correct entry to be recorded on August 15,2020 , will include a a. debit to Dividends Payable. b. debit to Cash Dividends. c. credit to Cash Dividends. d. credit to Dividends Payable