On February 16, a company declares a 52 dividend to be paid on April 5. There are 2,180,000 shares of common stock issued and outstanding. The entry recorded by the company on February 16 includes a debit to:

Dividends Payable and a credit to Cash for $1,133,600.

Dividends and a credit to Dividends Payable for $1,072,240.

Dividends Payable and a credit to Cash for $1,072,240.

Dividends and a credit to Dividends Payable for $1,133,600