This question comes from the 2nd set of Nearpod activities.

On January 1 OurNewCo Board of directors declared a cash dividend of $100,000 to be paid on March 31 to shareholders of record on March 1.

Which of the following are true regarding the reporting for this cash dividend? Mark the correct answers and do not mark the incorrect answers.

Group of answer choices

On the date of declaration an entry will be made to reduce retained earnings for the amount of the dividends (either through the retained earnings account or a dividends account).

On the date of record there will be no entry made into the general ledger.

On the date of record there will be an entry to reduce cash and decrease dividends payable.

On the date of declaration an entry will be made to reduce cash for the full amount of the dividends to be paid later.

On March 31, Dividends Payable will be credited for the full amount of the dividends paid.