Fetzer Company declared a $0.35 per share cash dividend. The company has 200,000 shares authorized, 190,000 shares issued, and 8,000 shares in treasury stock. The journal entry to record the payment of the dividend is: Multiple Choice O Debit Common Dividends Payable $63,700; credit Cash $63,700. Debit Retained Earnings $70,000; credit Common Dividends Payable $70,000. Debit Common Dividends Payable $66,500, credit Cash $66,500. Debit Retained Earnings $63,700, credit Common Dividends Payable $63,700. Debit Retained Earnings $66,500; credit Common Dividends Payable $66,500