The board of directors of Capstone Inc. declared a $0.90 per share cash dividend on its $3 par common stock. On the date of declaration, there were 47,000 shares authorized, 21,000 shares issued, and 6,000 shares held as treasury stock. What is the entry when the dividends are declared?

Dividends 13,500 Cash 13,500

Dividends 18,900 Cash 18,900

Dividends 13,500 Dividends Payable 13,500

Dividends 42,300 Dividends Payable 42,300