On February 1, 2020, Yao Ltd.'s Board of Directors paid dividends that were declared on January 1, 2020 at $2 dividend per share. The following table summarizes the number of shares outstanding during fiscal year 2020: Date January 1 February 1 December 31 Number of Shares Outstanding 50,000 55,000 57,000 4. The journal entry recorded on January 1, 2020 would consist of: O Debit Dividends Declared $100,000; Credit Dividends Payable $100,000 O Debit Dividends Declared $100,000; Credit Cash $100,000 O Debit Dividends Payable $100,000; Credit Cash $100,000 No entry would be recorded on this date 5. The journal entry recorded on February 1, 2020 would consist of: O Debit Dividends Declared $110,000; Credit Dividends Payable $110,000 Debit Dividends Declared $110,000; Credit Cash $110,000 Debit Dividends Payable $100,000; Credit Cash $100,000 O No entry would be recorded on this date 6. The journal entry recorded on December 31, 2020 would consist of: Debit Dividends Declared $114,000; Credit Dividends Payable $114,000 Debit Dividends Declared $114,000; Credit Cash $114,000 O Debit Dividends Payable $114,000; Credit Cash $114,000 No entry would be recorded on this date