Common Stock Retained Earnings No Effect Increase How does the payment of a cash dividend previously declared affect the following? Select one: a. Retained Earnings Decrease Current Liabilities Increase Retained Earnings Current Liabilities Decrease No Effect Retained Earnings No Effect Current Liabilities Increase Retained Earnings Decrease Current Liabilities No Effect Retained Earnings Increase Current Liabilities Increase Given the following for the Titan Company, the company began operations on 1/11 Preferred Stock, 4%, Cumulative Common Stock Cash Dividends paid $10,000 $20,000 Year 1 5 2