Toni's Foods has outstanding 700 $5.00 preferred shares and 1,800 common shares. Toni's declares dividends of $12,800. What is the correct entry O A. Accounts Debit Credit Retained Earnings 12,800 Dividends Payable, Preferred 6,400 Dividends Payable, Common 6,400 . Accounts Debit Credit Dividends Payable, Preferred Dividends Payable, Common 3,500 9,300 Cash 12,800 OC. Accounts Debit Credit 12,800 Retained Earnings Dividends Payable, Preferred 3,500 9,300 Dividends Payable, Common Debit Credit OD. Accounts Dividends Expense 12,800 12,800 Cash