D Question 7 1 pts Double Horizontal Line Corporation has 10,000 shares of common stock and O shares of preferred stock outstanding. On January 1, 20X1, it declared dividends of $20,000 to be paid to the shareholders on record as of February 1, 20X1. The dividends were paid on January 1, 20X2. Which of the following is part of the journal to be made on December 31, 20X1? CREDIT to Dividends Payable for $20,000 DEBIT to Retained Earnings for $20,000 CREDIT to Retained Earnings for $20,000 No journal entry is needed on this day DEBIT to Dividends Payable for $20,000