Hutter corporation declared a $0.50 per share cash dividend on its common shares. The company has 33,000 shares authorized, 16,800 shares issued and 13,200 shares of common stock outstanding. The journal entry to record the dividend declaration is
a. Debit Retained Earnings $6,600; credit Common Dividens Payable $6,600
b. Debit Common Dividens Payable $6,600; credit Cash $6,600
c. Debit Retained Earnings $8,400; credit Common Dividens Payable $8,400
d. Debit Common Dividens Payable $8,400; credit Cash $8,400
e. Debit Retained Earnings $16,500; credit Common Dividens Payable $16,500