Springer Co. was incorporated on January 1, 2019, at which time 500,000 shares of $1 par value common stock were authorized, and 210,000 of these shares were issued for $9 per share. Net income for the year ended December 31, 2019, was $1,900,000. Springer Co.s board of directors declared dividends of $1.40 per share of common stock on December 31, 2019, payable on January 27, 2020. The entry to record the payment of dividends on January 27, 2020 is: a. Dr. Dividends Payable 294,000 Cr. Cash 294,000 b. Dr. Retained Earnings 294,000 Cr. Cash 294,000 c. Dr. Retained Earnings 294,000 Cr. Dividends Payable 294,000 d. Dr. Cash 294,000 Cr. Dividends Payable 294,000