The board of directors of Capstone Inc. declared a $0.70 per share cash dividend on its $1 par common stock. On the date of declaration, there were 50,000 shares authorized, 18,000 shares issued, and 3,000 shares held as treasury stock. What is the entry for the dividend declaration? Multiple Choice Retained earnings 10,500 Cash dividends payable 10,500 Retained earnings 8,700 Cash dividends payable 8,700 Retained earnings Cash 8,700 8,700 Retained earnings Cash 10,500 10,500