The board of directors of El Paso Electric Corporation declared a cash dividend of $1.50 per share on 42,000 shares of common stock on June 14, 2016. The dividends are to be paid on July 15, 2016, to shareholders of record on July 1, 2016. The proper journal entry to be recorded on July 1, will include a Multiple Choice debit to Retained Earnings. credit to Cash Dividends Payable credit to Cash. No entry required.