Next Page Question 3 (1 point) Page 3 of 10 Choi Incorporated declared dividends of $72,000 on February 18th of this year. The shareholders as of that date will receive the dividend on March 18th. What is the effect of the February 18th transaction on the accounting equation? There is no effect on the accounting equation on February 18th seeing as no cash was paid. Liabilities will increase by $72,000 and assets will increase by $72,000 Liabilities will increase by $72,000 and shareholder's equity will decrease by $72,000 Assets will decrease by $72,000 and shareholder's equity will decrease by $72,000 Next Page Page 3 of 10