On December 15,2019,the Board of Directors of Cross Corporation Declared

Multiple Choice

On December 15,2019,the board of directors of Cross Corporation declared a cash dividend,payable on January 8,2020,of $0.80 per share on the 2,000,000 common shares outstanding.On December 15,2019,Cross Corporation should:

A) not prepare a journal entry because the event had no effect on the corporation's financial position until 2020.
B) decrease retained earnings $1.6 million and increase expenses $1.6 million.
C) decrease retained earnings $1.6 million and increase liabilities by $1.6 million.
D) decrease cash $1.6 million and decrease retained earnings $1.6 million.