A company declared a $0.90 per share cash dividend. The company has 140,000 shares authorized, 53,000 shares issued, and 50,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration?

a)Debit Dividends and credit Dividends Payable for $45,000

b)Debit Dividends Payable and credit Cash for $126,000

c)Debit Dividends and credit Dividends Payable for $47,700

d)Debit Dividends Payable and credit Cash for $47,700