The following information was lifted from the shareholders' equity section of Neeoma Corporation's statement of financial position: On June 9, 2020, the board of directors has declared a P3 per share cash dividend to all shareholders of record on June 25, 2020 and payable on July 6, 2020. Required: On the date of declaration, indicate the direction and amount of the effect of the above dividend declaration on the following accounts: 1. Cash dividend payable 2. Retained earnings