LMN Ltd declared an final dividend on 30th June 2020 of 5 cents per share and paid it on 10th July 2020. The company has 500,000 issued shares. The journal entry on 10th July 2020 would include:

a.

CR to retained earnings $25,000

b.

DR to retained earnings $25,000

c.

CR to cash $25,000

d.

CR to dividends payable $25,000