9. On December 15, 2019, the board of directors of Cross Corporation declared a cash dividend, payable on January 8, 2020, of $0.88 per share on the 2,000,000 common shares outstanding. On December 15, 2019, Cross Corporation should Multiple Choice decrease cash $1.76 million and decrease retained earnings $1.76 million. decrease retained earnings $1.76 million and increase liabilities by $1.76 million. not prepare a journal entry because the event had no effect on the corporation's financial position until 2020. decrease retained earnings $1.76 million and increase expenses $1.76 million.