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A company declares a cash dividend of $50,000 on 11/01/2020. The materiality principle causes the company to keep track of dividends on a separate basis.

A company declares a cash dividend of $50,000 on 11/01/2020. The materiality principle causes the company to keep track of dividends on a separate basis. What will occur in 12/3/2020 when making a closing entry for the company? Will it credit/debit retained earnings/cash dividends/dividends payable?

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