On February 16, a company declares a 68 dividend to be paid on April 5. There are 950,000 shares of common stock issued and outstanding. The entry recorded by the company on April 5 includes a debit to:

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

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

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

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