On December 25, 2019, the board of directors of Banner Corporation declared a cash dividend, payable on January 22, 2020, of $0.84 per share on the 2,000,000 common shares outstanding. On December 25, 2019, Banner Corporation should Multiple Choice

not prepare a journal entry because the event had no effect on the corporation's financial position until 2020.

decrease retained earnings $1.68 million and increase expenses $1.68 million.

decrease cash $1.68 million and decrease retained earnings $1.68 million.

decrease retained earnings $1.68 million and increase liabilities by $1.68 million.