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, 10,000 shares issued, and 5,000 shares held as treasury stock. What is the entry for the dividend declaration?

Group of answer choices

Retained earnings	3,000
Cash		3,000

Retained earnings	14,000
Cash dividends payable		14,000

Retained earnings	3,000
Cash dividends payable		3,000

Retained earnings	14,000
Cash		14,000