At a Firm's Quarterly Dividend Meeting Held December 5, the Directors

Multiple Choice

At a firm's quarterly dividend meeting held December 5, the directors declared a $1.50 per sharecash dividend to be paid to the holders of record on Monday, January 1. Before the dividend wasdeclared, the firm's accumulated retained earnings balance and cash balance were $1,280,000 and$30,000 respectively. The firm has 10,000 shares of common stock outstanding. On January 2, the cash, dividends payable, and retained earnings accounts had balances of

A) $15,000, $0, and $1,265,000, respectively.
B) $15,000, $0, and $1,280,000, respectively.
C) $30,000, $0, and $1,265,000, respectively.
D) $30,000, $15,000, and $1,280,000, respectively.