The Board of Directors of Yankee Corporation declared a cash dividend of $1.50 per share on July 15, 2021. On the date of declaration, Yankee had 20,000 shares issued and outstanding. The dividend is to be paid on August 15, 2021 to stockholders of record on July 31, 2021. The effects of the journal entry to record the declaration of the dividend on July 15, 2021 are to: decrease retained earnings and decrease assets. o increase retained earnings and decrease assets. decrease retained earnings and increase liabilities. increase retained earnings and increase liabilities