The board of directors of Wayne Co$.$ declared a cash dividend of $$1\mathrm{.}50$ per share on $42,000$ shares of common stock on July $15,2020.$ The dividend is to be paid on August $15,2020,$ to stockholders of record on July $31,2020.$ The effects of the journal entry to record the payment of the dividend on August $15,2020,$ are to

decrease liabilities and decrease assets.

increase stockholders' equity and decrease assets.

decrease stockholders' equity and decrease liabilities.

increase stockholders' equity and increase liabilities.