Question 16 (5 points) On December 15, 2022, the board of directors of Cross Corporation declared a cash dividend, payable on January 8, 2023, of $0.80 per share on the 2,000,000 common shares outstanding. On December 15, 2022, Cross Corporation should: decrease retained earnings by $1.6 million and increase expenses by $1.6 million. Decrease cash by $800,000 and decrease retained earnings by an equivalent amount. decrease retained earnings by $1.6 million and increase liabilities by $1.6 million. decrease cash by $1.6 million and decrease retained earnings by $1.6 million. not prepare a journal entry because the event has no effect on the corporation's financial position until 2023.