Question 50 2 pts A corporation's board of directors approves a cash dividend of $0.85 per share. The corporation has 100,000 shares of stock authorized, 80,000 shares issued and 80,000 shares outstanding. The journal entry to record the declaration of this dividend is: O Debit Cash $68,000 and Credit Cash Dividends $68,000. O Debit Cash Dividends $68,000 and Credit Cash Dividends payable $68,000. No entry is needed. O Debit Cash Dividends payable $85,000 and Credit Cash Dividends payable $85,000.