A company declared a $0.80 per share cash dividend. The company has 100,000 shares authorized, 45,000 shares issued, and 42,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration?

Debit Dividends and credit Dividends Payable for $36,000

Debit Dividends and credit Dividends Payable for $33,600

Debit Dividends Payable and credit Cash for $36,000

Debit Dividends Payable and credit Cash for $80,000