The board of directors of Jetson Company declared a cash dividend of $$1\mathrm{.}50$ per share on $42,000$ shares of common stock on July $15,2022.$ The dividend was paid on August $15,2022,$ to stockholders of record on July $31,2022.$ The effects of the journal entry to record the declaration of the dividend on July $15,2022,$ are to

decrease retained earnings and increase dividends payable.

decrease retained earnings and decrease cash.

increase retained earnings and decrease common stock.

increase common stock and increase cash.