On January 1, the board of directors declared a $1.50 cash dividend per share to shareholders of record on February 15. The dividend declared on January 1 was paid on February 28. The company has 6,000 shares of issued and outstanding common stock with a $20 par value. The journal entry to record the declaration of the dividend is: Debit Retained Earnings for $9,000; Common Dividends Distributable for $9,000. O Debit Retained Earnings for $9.000; Common Dividends Payable for $9,000. Debit Cash $9,000; Credit Common Dividends Payable for $9,000. No journal entry required