RPK Ltd declared an final dividend on the 30th June 2020 of 10 cents per share and paid it on 10th July 2020. The company has 500,000 issued shares. The journal entry on 30th June 2020 would include:

a. CR to retained earnings $50,000

b. DR to dividends payable $50,000

c. DR to retained earnings $50,000

d. CR to cash $50,000