The board of directors of Yancey Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 20X1. The dividend is to be paid on August 15, 20X1, to stockholders of record on July 31, 20X1. The correct entry to be recorded on August 15, 20X1, would be:

a. Dividends Payable 63,000 Cash 63,000

b. Cash Dividends 63,000 Cash 63,000

c. Cash 63,000 Paid-in Capital 63,000

d. Dividends Payable 63,000 Paid-in Capital 63,000