BAC SAOG has in issue 5,000,000 ordinary shares of OMR 0.500 fully paid. On 31st Dec 2017 management board has decided to pay a dividend of 100 baisa on each ordinary share which was readily approved by the shareholders. The date of payment was 01 Feb 2018. You are required to identify from the following, the correct journal entry on the date of payment ie, 1- 2-2018. A. Equity Dividend Payable Dr. 500,000 and Bank Cr. 500,000 B. None of the other options C. Retained earnings Dr. 500,000 and Equity dividend Payable Cr. 500,000 D. Equity dividend Payable Dr. 500,000 and Retained earnings Cr. 500,000