Fetzer Company declared a $0.45 per share cash dividend. The company has 440,000 shares authorized, 418,000 shares issued, and 17,600 shares in treasury stock. The journal entry to record the dividend declaration is:

a)Debit Retained Earnings $180,180; credit Common Dividends Payable $180,180.

b)Debit Common Dividends Payable $180,180; credit Cash $180,180.

c)Debit Retained Earnings $198,000; credit Common Dividends Payable $198,000.

d)Debit Common Dividends Payable $188,100; credit Cash $188,100.

e)Debit Retained Earnings $188,100; credit Common Dividends Payable $188,100.