On date of declaration, what is the journal entry to record the declaration of a 5,000 cash dividend on common stock?

A. Dr. Dividend Payable--Common 5,000; Cr. Retained Earnings 5,000

B. Dr. Retained Earnings 5,000; Cr. Dividend Payable--Common 5,000

C. Dr. Dividend Payable--Common 5,000; Cr. Cash 5,000

D. Dr. Cash 5,000; Cr. Dividend Payable--Common 5,000

E. None of the above