Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 21,000 shares authorized, 9,600 shares issued, and 8,400 shares of common stock outstanding. The journal entry to record the dividend declaration is:

a. Debit Retained Earnings $4,200; credit Common Dividends Payable $4,200.

b. Debit Common Dividends Payable $4,200; credit Cash $4,200.

c. Debit Retained Earnings $4,800; credit Common Dividends Payable $4,800.

d. Debit Common Dividends Payable $4,800; credit Cash $4,800.

e. Debit Retained Earnings $10,500; credit Common Dividends Payable $10,500.