On January 5, 2016, the Board of Directors of Matrix, Inc, declares a cash dividend of $1 por share on the 500,000 shares of common stock outstanding. The dividend is payable to stockholders of record on February 5, and will be paid on March 5. The correct entry to be made on January 5 is: No entry is necessary Dividends Payable 500.000 Cash 500,000 Retained Earnings 500.000 Dividends Payable 500,000 Common Stock Dividonds Payablo 500,000 500.000