The board of directors of Westlake Ltd declared a cash dividend of $2.50 per share on 22,000 ordinary shares on 15 July 2016. The dividend is to be paid on 15 August 2016, to shareholders of record on 31 July 2016. The correct entry to be recorded on 15 July 2016 will include a:

a.Credit to retained earnings.

b.No journal entry should be recorded on 15 July.

c.Debit to retained earnings.

d.Debit to dividend payable.

e.Credit to cash.