On December 1, the board of directors of Buy & Large, Inc., declared a cash dividend of $2 per share on the 300,000 common shares outstanding on record at December 31, payable January 10 of the following year. No other dividends were declared in either year. Show the effect on the accounting equation of the entry to be recorded on December 1: If no effect, be sure to enter "No Effect". Assets Liabilities Shareholders' Equity A. Credit Dividends Payable 600,000 B. Credit Additional Paid-in Capital 600,000 C. Debit Dividends 600,000 D. Credit Common Stock 600,000 E. Debit Dividends Payable 600,000 F Debit Common Stock 600,000 G. Credit Cash 600,000 H. Debit Cash 600,000 L Debit Dividends and Credit Dividends Payable 600,000 J 0 No Effect