Fetzer Company declared a $0.55 per share cash dividend. The company has 200,000 shares authorized, 190,000 shares issued, and 182,000 shares of common stock outstanding. The journal entry to record the payment of the dividend is:

Group of answer choices

Debit Retained Earnings $104,500; credit Common Dividends Payable $104,500.

Debit Common Dividends Payable $104,500; credit Cash $104,500.

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

Debit Common Dividends Payable $100,100; credit Cash $100,100.

Debit Retained Earnings $110,000; credit Common Dividends Payable $110,000.