The board of directors declared a $2 per share cash dividend on common stock and the corporation had 5,000 shares authorized and 4,000 shares outstanding. The entry required to record the declaration of dividends would be a debit to Cash and a credit to Common Dividends Payable. a debit to Common Dividends Payable and a credit to Cash. a debit to Common Stock and a credit to Common Dividends Payable. a debit to Cash Dividends and a credit to Common Dividends Payable