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, 20,000 shares issued, and 5,000 shares held as treasury stock. Assuming the dividends were declared on June 1, what is the entry on June 30 to record the payment of cash dividends?

A.Dividends9,000DividendsPayable9,000B.Dividends Payable9,000Cash9,000C.Dividends12,000DividendsPayable12,000D.Dividends Payable12,000Cash12,000