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On December 15, 2016, the board of directors of Cross Corporation declared a cash dividend, payable on January 8, 2017, of $0.94 per share on

On December 15, 2016, the board of directors of Cross Corporation declared a cash dividend, payable on January 8, 2017, of $0.94 per share on the 2,000,000 common shares outstanding. On December 15, 2016, Cross Corporation should

not prepare a journal entry because the event had no effect on the corporation's financial position until 2017.

decrease cash $1.88 million and decrease retained earnings $1.88 million.

decrease retained earnings $1.88 million and increase expenses $1.88 million.

decrease retained earnings $1.88 million and increase liabilities by $1.88 million.

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