Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. The joumal entry to record the dividend payment is: Sinclair Ch 11 Quiz - 20.FA.ACC.1210. YN1 Financial Accounting Saved Multiple Choice Debit Retained Earnings $4,000; credit Common Dividends Payable $4,000. Debit Common Dividends Payable $4,000; credit Cash $4,000. Debit Retained Earnings $4,500; credit Common Dividends Payable $4,500. Debit Common Dividends Payable $4,500; credit Cash $4,500. Debit Retained Earnings $10,000; credit Common Dividends Payable $10,000.