Sam Corporation was organized on January 1, 2018. During its first two years, the corporation issued 1,000 cumulative preferred stock, $100 par, with a 10% dividend rate and 50,000 shares of $10 par value common stock. The corporation did not pay any dividends in its first two years. On December 31, 2020, Sam Corporation declared total dividends of $70,000. The journal entry to record the declaration of cash dividend at December 31, 2020 includes: Credit Cash O Debit Dividend Payable O Credit Dividend Expense O Debit Cash Dividend O None of the above