Question $3$

$1$ pts

Meta Plaforms Inc. declared a $$0\mathrm{.}50$ per share cash dividend on February $1,2024.$ The payment date was March $26,2024.$ Assume the company had $2\mathrm{.}2$ billion shares outstanding. What was the journal entry for the payment of the dividend?

Debit dividends payable, $$1\mathrm{.}1$ billion; Credit cash, $$1\mathrm{.}1$ billion

Debit dividends $-$ common, $$1\mathrm{.}1$ billion; Credit dividends payable, $$1\mathrm{.}1$ billion

Debit dividends $-$ common, $$1\mathrm{.}1$ billion; Credit cash, $$1\mathrm{.}1$ billion

Debit cash, $$1\mathrm{.}1$ billion; Credit dividends $-$ common, $$1\mathrm{.}1$ billion