The board of directors of Capstone Inc. declared a $0.60 per share cash dividend on its $1 par common stock. On the date of declaration, there were 50,000 shares authorized, 12,000 shares issued, and 4,200 shares held as treasury stock. What is the entry for the dividend declaration?

Retained earnings	13,520
Dividends payable		13,520

Retained earnings	13,520
Cash		13,520

Retained earnings	4,680
Dividends payable		4,680

Retained earnings	4,680
Cash		4,680