A company declared dividends of $1.50/share when there were 8,000 shares of stock outstanding. The dividends will be paid one month from now. Prepare the general journal entry to record the declaration of the dividends.

DEBIT: Cash for $12,000; CREDIT: Dividends for $12,000

DEBIT: Dividends for $12,000; CREDIT: Cash for $12,000

DEBIT: Dividends for $12,000; CREDIT: Dividends Payable for $12,000

DEBIT: Dividends Payable for $12,000; CREDIT: Cash for $12,000