During the year, Dixon Inc., reported net income of $7,520 million. The company declared dividends of $2,044 million. The closing entry for dividends would include which of the following?

Select one: a. Credit Cash for $2,044 million b. Credit Dividends for $2,044 million C. Debit Net income for $2.044 million d. Credit Retained earnings for $2,044 million e. Debit Dividends for $2,044 million