On December 16, 2020, a company declared - but did not pay - cash dividends totaling $275,000. What journal entry will the company record when they pay shareholders this cash dividend on January 31, 2021?

debit Dividend Expense for $275,000; credit Retained Earnings for $275,000 debit Cash for $275,000; credit Dividends for $275,000 debit Dividends for $275,000; credit Cash for $275,000 debit Cash Dividends Payable for $275,000; credit Cash for $275,000