On November 1, 2015, Elli Company declared a dividend of $3.00 per share. Elli Company has 20,000 shares of common stock outstanding and no preferred stock. The date of record is November 15, and the payment date is November 30, 2015. On November 30, Elli made the following journal entry: A) Debit Retained Earnings $60,000 and credit Dividends PayableCommon $60,000. B) Debit Dividends PayableCommon $60,000 and credit Cash $60,000. C) Debit Cash $60,000 and credit Dividends PayableCommon $60,000. D) Debit Retained Earnings $60,000 and credit Cash $60,000.