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Help Save & Exit Flexsteel Industries manufactures furniture for the retail, contract, and recreational vehicle furniture markets. On December 15, 2019 the board of directors of Flexsttel declared a cash dividend. The dividend is payable on January 8, 2019. of $0.80 per share on the 2,000,000 common shares outstanding. On December 15, 2019, Flexsteel should: Multiple Choice decrease cash $16 million and decrease retained earnings $1.6 million. not prepare a journal entry because the event had no effect on the corporation's financial position until 2020. debit dividends $1.6 million and credit dividends payable by $1.6 million. decrease retained earnings $1.6 million and increase expenses $1.6 million