Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 44,000 shares authorized, 23,400 shares issued, and 17,600 shares of common stock outstanding. The journal entry to record the dividend declaration is: Multiple Choice Debit Retained Earnings $11,700; credit Common Dividends Payable $11,700. Debit Common Dividends Payable $8.800; credit Cash $8,800. Debit Retained Earnings $22,000, credit Common Dividends Payable $22,000.