A company has 120,000 shares authorized of $30 par value, common stock, has issued 7,000 shares and has 500 shares of treasury stock. On November 1 the Board of Directors declared a $0.50 per share dividend to be paid on December 15 to shareholders of record as of November 30.

The journal entry to record the payment of the cash dividend would be

A.	Dec 15	Retained Earnings	3,500
		Common Stock, $30 par-value		3,500
B.	Nov 30	Retained Earnings	3,250
		Dividends Payable		3,250
C.	Dec 15	Dividends Payable	3,250
		Cash		3,250
D.	Nov 1	Retained Earnings	3,500
		Dividends Payable		3,500

Group of answer choices

Choice C.

Choice A.

Choice B.

Choice D.