On November 1, 2017, Oster, Inc. declared a dividend of $3.5 per share. Oster, Inc. has 20,000 shares of common stock outstanding and no preferred stock. Which of the following is the journal entry needed to record the declaration of the dividend?

A. Debit Cash Dividends $70,000, and credit Cash $70,000

B. Debit Cash Dividends $70,000, and credit Dividends Payable - Common $70,000

C. Debit Dividends Payable - Common $70,000, and credit Retained Earnings $70,000

D. Debit Cash $70,000, and credit Dividends Payable - Common $ 70,000.