On February 16, a company declares a 34 dividend to be paid on April 5. There are 1,900,000 shares of common stock issued and outstanding. The entry recorded by the company on February 16 includes a debit to:

A. Dividends Payable and a credit to Cash for $680,000.

B. Dividends and a credit to Dividends Payable for $646,000.

C. Dividends Payable and a credit to Cash for $646,000.

D. Dividends and a credit to Dividends Payable for $680,000.