estlake Ltd declared a cash dividend of $2.50 per share on 22,000 ordinary shares on 15 July 2019. The dividend is to be paid on 15 August 2019 to all shareholders. The effects of the journal entry to record the declaration of the dividend on 15 July 2019 are to:

a.

increase equity and decrease assets

b.

decrease equity and increase liabilities

c.

increase equity and increase liabilities

d.

decrease equity and decrease assets