Suppose that the board of directors of Old Navy declared a cash dividend of $1.50 per share on 35000 shares of common stock on July 15,2025 . The dividend is to be paid on August 15,2025 to stockholders of record on July 31,2025 . The journal entry to record the declaration of the dividends on July 15, 2025 will include a debit to Dividends Payable. debit to Cash Dividends. credit to Cash Dividends. credit to Cash