The Arak Corporation reported the following stockholders' equity on January 1 of the year 2020:

Common stock, $? par, 10,000,000 shares
authorized, 700,000 shares issued	$ 4,200,000
Paid-in capital in excess of par, common	16,000,000
Retained earnings	1,760,000
	21,960,000
Less: Treasury stocks (24,000 at cost)	(480,000)
Total stockholders equity	$21,480,000

During the year 2020, the Corporation completed the following transactions:

Jan 03	Sold (issued) 1,000,000 of its new common shares at $ 28 per share. Legal, promotional, and accounting services necessary to complete this transaction cost $150,000.
May20	Resold 10,000 shares of treasury stock for $25 per share.
Nov 20	Directors declared a $0.40 per share cash dividend payable on December 12th.
Dec 12	Paid the dividend declared on November 20th

35- Referring to Nov. 20, the appropriate journal entry to record this transaction is:

A) Debit Credit

Retained Earnings or (dividend declared)	716,000
Dividend payable		716,000

B)

Retained Earnings or (dividend declared)	674,400
Dividend payable		674,400

C)

Dividend payable	716,000
Common Stock		716,000

D) None of the above