A company declares a cash dividend on its common and preferred stock. The cash dividend declared is $2 per share on the common stock and $1 per share on the preferred stock. There are 100,000 shares of common stock and 30,000 shares of preferred stock outstanding. The entry on the date of record would include:

A. a credit to dividends payable of $230,000.

B. a credit to cash of $230,000

C. a debit to dividend expense of $230,000

D. no entry is required