Pickett Company has 40,000 shares of common stock outstanding. It declares a $0.50 per share cash dividend on April 15 to stockholders of record on May 1. The dividend is paid on May 15. What entry is made to record the declaration of the dividend on April 15? O Debit to Dividends Payable for $20,000; Credit to Cash for $20,000 O Debit to Dividends Payable for $40,000; Credit to Cash Dividends for $40,000 O Debit to Cash Dividends for $20,000; Credit to Dividends Payable for $20,000 O No entry required