Fetzer Company declared a $0.55 per share cash dividend. The company has 480,000 shares authorized, 456,000 shares issued, and 19,200 shares in treasury stock. The journal entry to record the dividend declaration is: Multiple Choice Debit Retained Earnings $250,800; credit Common Dividends Payable $250,800. Debit Common Dividends Payable $250,800; credit Cash $250,800. Debit Retained Earnings $264,000; credit Common Dividends Payable $264,000 Debit Common Dividends Payable $240,240; credit Cash $240,240