On November 1, 2022, ABC Co. declared a dividend of $3.00 per share. The company has 20,000 shares of common stock outstanding and no preferred stock. What journal entry is needed to record the declaration of dividends? debit Cash $60,000 and credit Dividends Payable-Common $60,000 debit Cash Dividends $60,000 and credit Cash $60,000 O debit Cash Dividends $60,000 and credit Dividends Payable-Common $60,000 debit Dividends Payable-Common $60,000 and credit Retained Earnings $60,000 tion 8 of A 3 E 12 T L 30000 O -125 D F G H 3 K L V B N M 1000 17000 1000 A D uestion 8 of 8- book and M Account T C 2 Cap Degrationspater R TO Y 0 F G H4 ' K V B N M 125 69 QUIRED Question of " 2 1 4 an Cahn Common Ma . C Testock and Moda R 7 4 3 0 F G T 3 K L C V B N M P