Hutter Corporation declared a 50.50 per share cash dividend on its common shares. The company has 2.5,000 shares authorized, 12,000 shares issued, and 10,000 shares of common stock outstanding. The journal entry to record the dividend deciaration is: Multiple Choice Debit Retained Earnings $55,000, credit Common Dividends Payable $5.000. Debit Retained Earnings \$12.500; credit Common Dividends Payable \$12,500. Debit Common Dividends Payable \$6,000; credit Cash $6,000, Debit Retained Earnings \$6,000; credit Common Dividends Payable $6,000. Debit Common Dividends Payable \$5,000; credit Cash \$5,000