A press release issued by Mason-Williams Corporation provides the following information: On March 17, the companys Board of Directors declared a $0.60 per share cash dividend on the companys common stock to be paid to all owners on record as of March 29 with distribution on April 11. The company has 20 million shares authorized, 6 million shares issued, and 5 million shares outstanding. What journal entry should Mason-Williams make on March 17?

A. No journal entry is needed.

B. Dividends payable 3,000,000

Retained Earnings 3,000,000

C. Common Stock Dividend 3,000,000

Dividends Payable 3,000,000

D. Retained earnings 3,000,000

Dividend payable 3,000,000

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